Quote:
Originally Posted by IliketoPuck
You add the PST, and give rebates to those under a certain income threshold on a quarterly basis. Keep it simple.
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Earn Money ---> Pay 8% Tax ---> Spend Money ----> 10% tax ---> pay portion of credit card bill ----> Pay interest 18% ----> Vendor spends some money and pays 10% tax ----> vendor adds up all of the tax you gave them less all the tax they spend and send it to the government ----> Government audits vendors tax claims ----> Government transfers money to other government ----> Government checks tax records and applies a moderately complex formula to decide to refund you 8% of the 10% because you didn't make enough money to save money on average ---> Government issues you a refund ----> Send Refund money to credit card company ---> Still owe the 18% interest.
Seems pretty simple compared to just collecting 10% or 12% income tax, and having it progressively increase. like every other province.