Category Archives: taxes

We’re fuming! London drivers hit out after first day of Sadiq Khan’s new £12.50 toxic air charge as the website freezes as business owners brand it ‘a stealth tax’

Drivers of most diesels and older petrol vehicles must now pay a £12.50 daily fee in central London – on top of the £11.50 congestion charge.

But the website that allows owners to check whether they need to pay to enter the Ultra Low Emissions Zone kept freezing.

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Media Claim Warren’s ‘Popular,’ ‘Mainstream’ Wealth Tax Could ‘Save America’

Left? Lefter? Leftist? In the quest to see which candidate can be the most liberal, Democratic presidential candidate Sen. Elizabeth Warren called for an “ultra-millionaire tax” to force the wealthy to fork over more to the government.

Her proposal is not a tax on income, but rather on individuals’ assets. If implemented, anyone with more than $50 million in assets (including property) would face a 2 percent annual wealth tax, higher if they have more than $1 billion in assets. Liberal media promoted and defended it, or turned to liberal economists who would.

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Canada’s Trudeau Shows Class-Warfare Tax Hikes Do Not Produce More Revenue

The nation’s current top politician, Justin Trudeau (a.k.a., Prime Minister Zoolander), increased the top tax rate from 29 percent to 33 percent after taking office in late 2015.

It appears, though, that he wasn’t aware of a concept known as the Laffer Curve (or, like some folks on the left, maybe he simply didn’t care).

In the real world, however, it turns out that increasing tax rates is not the same as increasing tax revenue.

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It’s Just Money

The Economist this week warns policy makers to “start preparing for the next recession” while they still can. The release of the government of Canada’s annual financial report for the 2017-18 fiscal year, however suggests the Trudeau Liberals have no notion of foregoing that most enjoyable of all entitlements: spending other people’s money.

The annual budget is an aspirational document, revealing what the government would like to do. But the annual report is a look in the rearview mirror at what it did in the year ending March 31, 2018.

This year is complicated by a restatement of the public finances going back years to factor in an accounting change. (The Auditor General ordered the restatement, related to discounted and unfunded pension obligations, and it adds an additional $20 billion to the federal debt, which now stands at $671 billion.) But the story is relatively simple — 2017-18 was a bumper year for government revenues, which rose by $20 billion, or 6.9 per cent, from the previous year.

Personal income tax increases accounted for half of that flood of new money coming into the coffers, around half of which was related to economic growth and the other half to the unwinding of tax planning that had suppressed revenues in 2016-17 (when the Liberals announced they were going to raise the top rate of income tax to 33 per cent in late 2015, there was a rush of filing by high-income earners to declare income at the lower rate).

Yet, rather than reduce the deficit and pay down debt in preparation for the next recession, creeping toward them as inevitably as mortality, the Liberals spent the lot. In 2017-18 expenses amounted to $332.6 billion — breaching the $300-billion mark for the second time — up $20.1 billion, or 6.4 per cent from 2016-17.

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92% of families face tax hike of over $2,200 beginning in 2019

“Canadian families will endure a significant tax increase and that tax bill will increase over time. The Trudeau government has talked a lot about cutting taxes for families. Based on the personal income tax changes they’ve already put in the case, we’ve found that’s not true for the vast majority of middle-class families.”

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