Ottawa posts $14.2B surplus

[Azure]

http://www.canada.com/nationalpost/f...181fe3&k=61242

The Conservative government said Thursday it posted a surplus of $14.2-billion for the 2006-07 fiscal year, bigger than the $9.2-billion projection.


It marks the 10th consecutive year Ottawa took in more tax revenue than it paid out.


The money, as required by law, will be used to pay down the federal debt. As a result, the debt stands at $467.3-billion, down roughly $95-billion from its peak of $562.8-billion in 1996-97. As a percentage of GDP, the debt stands at its lowest level in nearly a quarter century.

Good to see.

At least we're doing something about the debt...unlike our neighbors to the south.

[mrdeeds]

I see greater spending for next year. Hey, wasn't an election supposed to be imminent?

[albertGQ]

Is this "law" forcing them to put the entire $9.2B towards debt or a smaller percentage?

[Ozy_Flame]

So what happens when the debt is finally paid off? It won't happen for a few decades yet, but what would theoretically be the next step for that money?

[albertGQ]

Originally Posted by Ozy_Flame

So what happens when the debt is finally paid off? It won't happen for a few decades yet, but what would theoretically be the next step for that money?

Tax cuts!!!

[peter12]

Canadians are being overtaxed by $14.2 billion. Let's see some tax cuts.

[The Yen Man]

Ralph bucks for everyone!

[Burninator]

Originally Posted by peter12

Canadians are being overtaxed by $14.2 billion. Let's see some tax cuts.

What aboot the debt?

[MarchHare]

Originally Posted by peter12

Canadians are being overtaxed by $14.2 billion. Let's see some tax cuts.

We're not being overtaxed so long as we still have a large accumulated debt that needs to be repaid. Once the federal government is debt-free in a few decades, then we can start talking about tax cuts.

[Edit]
Beaten!

[jolinar of malkshor]

Just think how much money we will have in 25-30 years if we pay of the debt. We would save billions in interest. Keep up the good work. Both conservatives and the Liberals deserve praise on this.

[jolinar of malkshor]

Originally Posted by peter12

Canadians are being overtaxed by $14.2 billion. Let's see some tax cuts.

Really? We have 460 billion dollar debt. Until that is paid off, there isn't a lot of over taxation as far as I am concerned.

[albertGQ]

What I'd like to see is a significant increase in the personal excemption amount. I find it ridiculous that someone making only $10,000 a year is required to pay federal income taxes

[jolinar of malkshor]

Originally Posted by albertGQ

What I'd like to see is a significant increase in the personal excemption amount. I find it ridiculous that someone making only $10,000 a year is required to pay federal income taxes

This is a tough one for me. I definately don't think they need to be paying 22% but I also think that everyone needs to contribute to the social net so the rich are not the onlyones paying for the system. Maybe a more progressive tax increase from the bottom up. Something like 5% between 10,000 and 15,000 10% 15,000 to 25,000 and so on.

[albertGQ]

Originally Posted by jolinar of malkshor

This is a tough one for me. I definately don't think they need to be paying 22% but I also think that everyone needs to contribute to the social net so the rich are not the onlyones paying for the system. Maybe a more progressive tax increase from the bottom up. Something like 5% between 10,000 and 15,000 10% 15,000 to 25,000 and so on.

The increase in the personal excemption amount benefits all taxpayers equally on a true dollar figure. The rich will benefit the same amount as the middle class as well as the poor.

[Ozy_Flame]

We should appeal to the Americans for debt relief, seeing as how they're ready to throw away another $100 billion on the Iraq disaster....

[jolinar of malkshor]

Originally Posted by albertGQ

The increase in the personal excemption amount benefits all taxpayers equally on a true dollar figure. The rich will benefit the same amount as the middle class as well as the poor.

No, becuase say we eliminated the entire lower tax bracket and allowed them as the personal tax exemption. Then everyone in the second tax bracket is left footing the bill while no one in the lower bracket has to pay for anything.

I know what you are saying in the fact that rich people wont have to pay that portion anyhow, but what I am saying is when people don't have to pay for something (social programs ect) the system tends to get abused more.

[Ozy_Flame]

Originally Posted by jolinar of malkshor

This is a tough one for me. I definately don't think they need to be paying 22% but I also think that everyone needs to contribute to the social net so the rich are not the onlyones paying for the system. Maybe a more progressive tax increase from the bottom up. Something like 5% between 10,000 and 15,000 10% 15,000 to 25,000 and so on.

Well it already is progressive, but if your'e talking about lower tax rates, then yes, that would be ideal. However, as long as we have a debt to pay off, I don't mind my taxes being used towards debt relief. That's something I don't mind contributing to for the good of the nation.

[jolinar of malkshor]

Originally Posted by Ozy_Flame

Well it already is progressive, but if your'e talking about lower tax rates, then yes, that would be ideal. However, as long as we have a debt to pay off, I don't mind my taxes being used towards debt relief. That's something I don't mind contributing to for the good of the nation.

I agree with you 100%....I do want to see more bank for my buck however. Less waste.

[Canada 02]

Originally Posted by peter12

Canadians are being overtaxed by $14.2 billion. Let's see some tax cuts.

totally agree! by cutting taxes, they can foster saving or spending by Canadians, both would have beneficial effects. Likewise tax cuts for businesses could lead to more capital spending and hiring workers. The later may not be that important, in general, since unemployment is low, but that is not sector wide, nor region wide. The manufacturing sector could certainly use some help right now, given the high dollar. Tax cuts could lead to using more efficient, more productive technologies; likewise, it could stem the tide of layoffs in that sector. Conceivably, lowering taxes could lead to a larger tax base and actually increase government revenue. Harper and the boys need to find the right balance here

[albertGQ]

Originally Posted by jolinar of malkshor

No, becuase say we eliminated the entire lower tax bracket and allowed them as the personal tax exemption. Then everyone in the second tax bracket is left footing the bill while no one in the lower bracket has to pay for anything.

I know what you are saying in the fact that rich people wont have to pay that portion anyhow, but what I am saying is when people don't have to pay for something (social programs ect) the system tends to get abused more.

I agree with you. Lets put a user fee on health care!

I'm not being sarcastic. I'm being serious. I see too many people at walk in clinics that can buy over the counter products. And the "emergency" ward isn't really used for emergencies anymore