Federal Budget 2016: $29B Deficit

[rubecube]

Originally Posted by polak

With all this talk you'd think they would present their plan for marijuana legalization and the revenue from that?

The estimations of that are at minimum $6B in tax revenue, and that doesn't count the reduced spending on law enforcement, corrections, etc. So yeah, that's a significant chunk.

[2Stonedbirds]

Is it going to happen though?

[neo45]

I think most people were ok with a moderate deficit for the year 2016. The conservative's balanced budget involved a lot of smoke and mirrors.

I don't understand how anybody isn't disappointed that the government posted a 5 year plan of deficits with absolutely no exit strategy

[You Need a Thneed]

Originally Posted by tvp2003

The 1.5% decrease applies to income between $45k and $90k correct? According to my math, that's a pretty meager $675 a year...

Yup. It doesn't offset the whole loss of the income splitting.

[rubecube]

Originally Posted by 2Stonedbirds

Is it going to happen though?

I think the bigger question is, will Alberta receive transfer payments from BC when it happens?

[NuclearFart]

Originally Posted by rubecube

I think a lot of people here really need to take a course on what socialism actually is. I'd even let peter12 teach it. For all of his conservative, Christian bias, the dude at least gets theory.

Surely you're aware that there is more than one accepted definition of "socialism". Save the academic circle jerk for political science classes.

I think it's abundantly clear from the context of my post which definition I was using.

[2Stonedbirds]

Originally Posted by rubecube

I think the bigger question is, will Alberta receive transfer payments from BC when it happens?

LOL well perhaps? Legitimizing it would be huge for their growth in BC.

Can't remember the exact figures but it's BCs largest industry.

Did the Liberals have an idea on when it would actually be legalized? I'm looking at this budget and thinking we could use all the tax revenue help we can get.

[Enoch Root]

Originally Posted by You Need a Thneed

Yup. It doesn't offset the whole loss of the income splitting.

Plus, eliminating income splitting is a bad move in and of itself.

The key to a good system is fairness. Say one family had one income earner making $80,000 while the other parent stays home, and another family has two parents working with each earning $40,000.

With income splitting, the two families pay about the same amount of tax. Without income splitting, the first family pays more (on the same total income).

[V]

As a middle income family with kids, this budget hits me about as hard as I could have imagined. I didn't realize my demographic was what Justin was going after. Ouch.

[rubecube]

Originally Posted by NuclearFart

I think it's abundantly clear from the context of my post which definition I was using.

The incorrect one?

[chemgear]

Originally Posted by V

I didn't realize my demographic was what Justin was going after. Ouch.

He's coming after all of us.

[Fuzz]

Originally Posted by 2Stonedbirds

LOL well perhaps? Legitimizing it would be huge for their growth in BC.

Can't remember the exact figures but it's BCs largest industry.

Did the Liberals have an idea on when it would actually be legalized? I'm looking at this budget and thinking we could use all the tax revenue help we can get.

From what I had heard earlier, They hope to have something together for December. That doesn't mean it will be on sale then, but probably when we will hear how it will be done. So it makes sense not to add it into this year's budget.

[Looch City]

Originally Posted by chemgear

He's coming after all of us.

Check under your beds and in your closets. The Babadook is coming!

[Azure]

Marijuana legalization would MAYBE add $1B in taxes the first year if they get bloody lucky. That is of course if they legalize across Canada.

[Fire]

Originally Posted by tvp2003

The 1.5% decrease applies to income between $45k and $90k correct? According to my math, that's a pretty meager $675 a year...

A win for the single people?

[Resolute 14]

Originally Posted by Azure

Marijuana legalization would MAYBE add $1B in taxes the first year if they get bloody lucky. That is of course if they legalize across Canada.

So they could wipe 3% of the planned deficit away right away and free up police resources that could be better spent elsewhere? Wonder why Trudeau didn't? Guess he was too busy attacking the "rich", which based on the reaction in this thread, seems to be anybody above the poverty line.

[Kavvy]

I made money off the budget!!!

Yay!

Future me will loose money if my wife's and I income keeps going up, but that is future me's problem. He is an @ss anyway that makes too much money.

[Fuzz]

Originally Posted by Resolute 14

So they could wipe 3% of the planned deficit away right away and free up police resources that could be better spent elsewhere? Wonder why Trudeau didn't? Guess he was too busy attacking the "rich", which based on the reaction in this thread, seems to be anybody above the poverty line.

Huh? They just got into government. They are studying it right now, and I would hope are trying to do it properly. I'm not surprised it would take a year.

[Coach]

Originally Posted by Kavvy

I made money off the budget!!!

Yay!

Future me will loose money if my wife's and I income keeps going up, but that is future me's problem. He is an @ss anyway that makes too much money.

Lol. Just thought this was really funny.

[OMG!WTF!]

Originally Posted by Fuzz

Huh? They just got into government. They are studying it right now, and I would hope are trying to do it properly. I'm not surprised it would take a year.

Yeah but there are no uncertain terms in the liberal platform. Their campaign said they will legalize it which tells me the "study" was, or should have been, done. I think what they're finding out now is that those international treaties Trudeau senior signed back in the -'80's might actually mean something.