Dion says Liberal government would not cut GST

[photon]

I'd rather have that capital gains rollover personally.

[mykalberta]

Originally Posted by MarchHare

Indeed.

The other thing I like about raising the personal exemption is that it affects everyone equally, unlike Bush's tax cuts in the US that really only benefitted the wealthy while making no difference to the poor or middle class. By increasing the exemption amount from $8000 to $12,000, every Canadian taxpayer earning at least $12,000 annually keeps an extra $620 in their pocket, regardless if their annual income is $12,000, $120,000, or $1,200,000.

Thats a whole diffferent dicussion. You are aware of what the top 5% in Canada and US pay in % of taxes right?

Yes some of them are bluebloods who inherited but alot especially in the US are guys like the Google founders, Tivo guys, or Bill Gates etc ....

People are responisble for thier own lives and economic reality. I think its unfair for people to blame someone for being successfull. Why should the Google founders pay a higher % than some Joe working at Starbucks. For % of income Joe at Starbucks likely uses more public services than the Google guys - IMO

If your beef is with the bluebloods then institue a death tax based on convertible assets so things like the family farm and Dan's shoe repair types wont be affected. If you beef is with the rich in general, well thats a different forum a different discussion etc.

MYK

[Jagger]

Originally Posted by Hack&Lube

It think a 5% GST will save enough brainpower to increase output

Just take 10% and divide by two. Easy enough! I hate figuring out tax and then being lazy and then just getting a pile of change back.

Being from England, I never did understand why they tacked on the GST at the end of the purchase. In England if an item says it is 5 PNDs, that's it. The VAT is already included in the price. Sure makes it easier anyway. (I remember my dad (RIP) getting really angry with cashiers here because they were charging him more than it said on the item! It bugged the heck out of him.)

[mykalberta]

Originally Posted by Jagger

Being from England, I never did understand why they tacked on the GST at the end of the purchase. In England if an item says it is 5 PNDs, that's it. The VAT is already included in the price. Sure makes it easier anyway. (I remember my dad (RIP) getting really angry with cashiers here because they were charging him more than it said on the item! It bugged the heck out of him.)

Its the same reason they wont get rid of the God Damn Penny

MYK

[albertGQ]

Originally Posted by Jagger

Being from England, I never did understand why they tacked on the GST at the end of the purchase. In England if an item says it is 5 PNDs, that's it. The VAT is already included in the price. Sure makes it easier anyway. (I remember my dad (RIP) getting really angry with cashiers here because they were charging him more than it said on the item! It bugged the heck out of him.)

Well, it used to be like that before the GST was implemented. It was called the manufacturer's tax. It was a hidden tax, but we all paid it. When the GST was created to make that tax more visible, people were cyring out bloody murder when they were paying it all along. Its just now visible

[Bobblehead]

But MYK, the Google founders, & CEO are only paid $1/ year. (mind you, their stocks are worth more the $1 billion apiece, but that isn't income (until sold)).


BTW: Consumption taxes such as GST/VAT are considered more fair than income taxes. They don't penalize you for working harder and earning more. But generally people who earn more will spend more, so it all works out in the end.


When GST first came out, stores had the option of including it in the price or at the register. Some put it in the price (I believe Woolco was one) but then it appeared the their prices were higher then the competitors.

[MarchHare]

Originally Posted by mykalberta

Thats a whole diffferent dicussion. You are aware of what the top 5% in Canada and US pay in % of taxes right?

Yes some of them are bluebloods who inherited but alot especially in the US are guys like the Google founders, Tivo guys, or Bill Gates etc ....

People are responisble for thier own lives and economic reality. I think its unfair for people to blame someone for being successfull. Why should the Google founders pay a higher % than some Joe working at Starbucks. For % of income Joe at Starbucks likely uses more public services than the Google guys - IMO

If your beef is with the bluebloods then institue a death tax based on convertible assets so things like the family farm and Dan's shoe repair types wont be affected. If you beef is with the rich in general, well thats a different forum a different discussion etc.

MYK

I don't know where you got the idea that I want people who are successful to be "punished". I certainly didn't suggest that in my post. Rather, I like the fact that tax breaks benefit everyone equally, rather than favouring one subset of workers over another. By raising the personal exemption, every single Canadian taxpayer gets the same amount of money back in their pocket. It's not a $100 break for one person and a $10,000 break for someone else.

[Ayrahb]

Initially, I didn't care about the GST cut either way--the amount I would supposedly save was relatively insignificant. But then I saw that the projected cost of the cut was $5.17 billion for 07-08 and that got me furious.

Let's say you spend $50,000 on taxable purchases: the first cut (from 7% to 6%) saves you $500 and $500 more for the next 1% cut. What does this mean to a person who makes $50k + rent + groceries net? An extra medium double-double and a muffin per day?

As someone who makes less than $50k net, period, I can tell you that I would rather see 5.17 or 12 billion dollars being invested in maybe.... starting to fix the health care..... cutting gasoline prices in Canada....new and clean energy producing technologies.... childcare.....education....fixing immigration.

Politically, I believe that Dion did the right thing by being honest, but I would much rather see him focus on government accountability and transparency. I have a nagging feeling that the next election campaign will still largely revolve around the Sponsorship scandal.

[Resolute 14]

Originally Posted by Ayrahb

Initially, I didn't care about the GST cut either way--the amount I would supposedly save was relatively insignificant. But then I saw that the projected cost of the cut was $5.17 billion for 07-08 and that got me furious.

Let's say you spend $50,000 on taxable purchases: the first cut (from 7% to 6%) saves you $500 and $500 more for the next 1% cut. What does this mean to a person who makes $50k + rent + groceries net? An extra medium double-double and a muffin per day?

As someone who makes less than $50k net, period, I can tell you that I would rather see 5.17 or 12 billion dollars being invested in maybe.... starting to fix the health care..... cutting gasoline prices in Canada....new and clean energy producing technologies.... childcare.....education....fixing immigration.

Politically, I believe that Dion did the right thing by being honest, but I would much rather see him focus on government accountability and transparency. I have a nagging feeling that the next election campaign will still largely revolve around the Sponsorship scandal.

And yet, most people who find saving "the equivalent of an extra double-double and a muffin per day" to be a waste of time are equally outraged whenever the city raises property taxes, which also generally equal that same double-double and muffin per day.

Assume that is about $2 per day. That's $712 per year. For me, $712 is a little under the equivalent of a month's rent free. That is not small change. Though in reality, it is half that since the GST has only been half cut thus far.

As someone who makes a little under $50,000 gross. I will take any tax cut I can get, be it income or consumption. Environmental concerns, immigration, clean energy, etc do not affect my day to day life in the least. Saving any money I can so that I can stay out of debt, and afford to buy a place matter.