Gen X at 40

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Comments

Flea -

The Liberals are asleep at the switch. It is astonishing to me how people who describe themselves as conservatives can a) imagine selective tax-credits are anything but public spending by another name (such is the miracle of double-entry accounting) or b) fail to notice the CPC has in fact promised to raise taxes (such is the effect of ideology and wishful thinking).

Hans -

"But the Conservatives called CBC this week to say that while they would allow the Liberal tax cut to stand for last year, meaning Canadians will still get that tax rebate, they intend to immediately raise personal income taxes if they are elected later this month."

Doesn't that seem a little odd that even if they do intend to raise income tax rates for 2006 that they would go to the trouble of calling CBC to inform them of this? Who did they talk to at CBC? What was the whole conversation? I saw the story on "The National" last night and something about it is just not jiving.

Gordo -

Bring it on, baby! A Conservative minority means Martin is gone, then the inevitale self-destrcution of Harper in government gets rid of him, too! The only cost to the taxpayer? $140 million per election. A bargain, I'd say.

David Janes -

I just discovered misinformation (courtesy of the FP):

>> Last November, before calling the election, the Liberals cut personal income taxes – a one per cent reduction to the lowest tax bracket, from 16 to 15 per cent, and an increase of $500 to the basic personal exemption.

The lowest tax bracket is currently 16 percent. The Liberals proposed lowering the rate to 15% when became apparent the government was going to fall, but (after a decade+ in power, keep in mind) didn't actually cut it.

Alan -

Revisionist! In November there was no such state as it being "apparent the government was going to fall" (that happened at 9:37 pm last night) and the tax cut to 15% and the raising of the minimum tax rate is the law as far as I was told by <i>The National</i> recently.<p>Prove it did not occur or you must go through a trial by ordeal based on my whim.

David Janes -

The government fell several weeks ago in a non-confidence vote. At least, that's my understanding of the correct usage of the phrase.

The Financial Post disputes that the taxes were lowered and says this is misinformation on the part of other media sources. This will be an interesting one to track down when I get some free time. Anyone?

However, my larger point is Morbo laughs at your puny human trials.

Alan -

I slap you with a trout for your lack of fawning but that Financial Post information is a tasty tidbit.

David Janes -

This is really interesting and a little bit complicated. As best I can figure, as soon as the government announces new tax policy Revenue Canada implements it immediately -- in the anticipation it's going to pass. However, bill C-80 did not get into Second Reading (let alone Royal Assent) so it tax cuts aren't law.

So, because the government fell after the government introduced bill C-80 without having it passed or defeated, we're now in a situation where taxes are being collected at 15% (in the lowest bracket) but the law says we owe 16%.

All the gory details here.

Alan -

Good work. I did go looking throught the Federal Gazette and found nothing on this giving me a bad feeling. Thanks for confirming the worst.

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