Category Archives: taxes

Millionaires Urge Trump Not to Cut Their Taxes

Okay:

More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes.

The wealthy Americans, which include doctors, lawyers, entrepreneurs and CEOs, say the GOP is making a mistake by reducing taxes on the richest families at a time when the the nation’s debt is high and inequality is back at the worst level since the 1920s.

 

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Column: “Liberals committed to never-ending deficits, debt”

Read the whole thing:

That’s outrageous given that leading up to and during the early part of at the 2015 election campaign, Trudeau repeatedly pledged a Liberal government would run balanced budgets and hypocritically blasted the Harper Conservatives for running deficits, even though the Liberals demanded them in the wake of the 2008 global recession.

Then, in mid-campaign, Trudeau reversed himself, calling for “modest” deficits of $9.9 billion in 2016-17, $9.5 billion in 2017-18, $5.7 billion in 2018-19, with a $1 billion surplus in 2019-20, the final year of his election mandate.

Morneau’s fall economic statement exposes those numbers as a fabrication.

With the economy booming, according to Morneau, Trudeau now has a 2016-17 deficit of $17.8 billion, 80% higher than the $9.9 billion he projected during the 2015 election.

For the 2017-18 fiscal year, Trudeau now projects a $19.9 billion deficit, 109% higher than the $9.5 billion he predicted in 2015.

For the 2018-19 fiscal year, Trudeau now projects an $18.6 billion deficit, 226% higher than the $5.7 billion he predicted in 2015.

For the 2019-20 fiscal year, the final year of his election mandate, Trudeau now projects a $17.3 billion deficit, astronomically higher than the $1 billion surplus he predicted in 2015.

Morneau’s economic statement also predicts that in the first three years of the next Liberal government — should Trudeau win in 2019 — his deficits will be $16.8 billion in 2020-21, $13.9 billion in 2021-22 and $12.5 billion in 2022-23.

Morneau and Trudeau insist our roaring economy under their leadership enables them to spend billions of dollars more enhancing benefits for the “middle class” — apparently now defined as families with children under 18 and low-income workers — while lowering deficits compared to their predictions in their March, 2017 budget 

But all that means is that they predicted deficits then they knew were higher than the real numbers, so they can claim they’re lower than expected now.

This cynical game Liberals have played for decades doesn’t make them good money managers. It makes them lousy budgeters.

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REVERSAL: Trudeau Government Continues Surrender On Widely-Hated Tax Changes

The Trudeau government continues their desperate surrender on their widely-hated tax changes. The government has announced that they will scrap their plan to impose restrictions on the conversion of income into capital gains. The policy was massively opposed by many, including family farmers, as it would have made it far tougher to transfer the business to the next generation.

The reversal comes after the government said they would also cut back on tougher policies on passive investment income.

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Trudeau does right thing but for wrong reason

The fact Trudeau now intends, albeit belatedly, to keep this promise that he made to voters in 2015 is a good thing.

What’s alarming is that Trudeau didn’t reverse course because it was the right thing to do.

He did it because he and Finance Minister Bill Morneau botched their initial presentation of their small business corporate tax reform plan so badly, the Liberals are worried it’s eating into their popularity, as suggested by several recent polls.

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Prime Minister Trudeau thinks Canadians achieve better lives through government dependence

To be clear, the CCB is a transfer program that fosters dependence on government; it’s not a policy that rewards hard work by allowing Canadians to keep more of what they earn. Essentially, the prime minister is saying the government will take more away from what you earn and give some of it back to certain families. This hardly fits with the government’s rhetoric on hard work and building a better life.

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Liberals “Tax People Back Into the Stone Age” Plan Is Sending the Wealthy Out of the Country

Hey, these guys know what they’re doing:

A big Canadian player has quietly picked up his chips and is heading for the exit amid all the tumult over the Trudeau government’s controversial tax proposals.

A business owner has informed John Manley, the head of an organization representing Canada’s largest corporations, that he’s moved billions of dollars outside the country since the Liberals announced their tax changes in mid-July.

The government’s proposals to eliminate several tax incentives have awakened a large contingent of vocal opponents from numerous backgrounds — from the small business community, to farmers, to tax planners, to professionals like doctors and lawyers. Even backbench Liberal MPs have publicly expressed their concerns.

In the background, the Liberals’ proposed tax reforms are also a deep concern for a much-smaller, silent group of Canadians: wealthy business leaders.

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Oregon Implements Tax On Bicycles. Even Tax-Happy Leftists Are Upset.

What’s funny about this is that the tax is supposed to fund improvements to roads, as noted earlier. But originally, the state passed a gasoline tax that would have done that. At that time, many Oregonians cheered the measure – saying that they would just ride their bikes and it wouldn’t affect them. But that meant not as many people were buying gas, it wasn’t getting taxed, and the money for road improvements never materialized. Hence, the bike tax –

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Trudeau Government Promises Tax Loopholes

Start with Trudeau’s money:

The Canadian government on Tuesday announced proposed tax reforms meant to close loopholes for those that use private corporations to reduce the amount of tax they pay as part of the Liberals’ promise to end such tax breaks for the wealthy.

The government said in a consultation paper it will seek input on three specific tax practices to fix the unintended consequences of having a lower corporate tax rate than the personal tax rate, and encourage executives to reinvest profits in their companies.

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Oregon mandates no-cost abortions for all, and taxpayers will foot the bill

Many so-called conservatives gave their support to Paul Ryan’s version of the fake-repeal of Obamacare because it contained a provision to defund Planned Parenthood. Assuming Mitch McConnell’s version of fake-repeal also defunds Planned Parenthood—not a given—the baby butchers will lose their taxpayer funding; but only for one year.

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John Robson: “Justin Trudeau and Bill Morneau are adopting the same bad habits as former kings”

Unaccountable leaders are unaccountable:

Of course, the Liberals’ tax on beer, wine and liquor is a small thing. Beer matters, but it’s a tiny portion of annual revenue. And even if it escalates automatically, they still have to get the budget passed every year. It is far more worrisome that Parliament rubber-stamps budgets without, since Trudeau Sr., having committees scrutinize the estimates properly, part of the process whereby MPs were converted, not always reluctantly, into coloured tiles across which the ambitious step to executive power. But as a symbol of the irrelevance of Parliament it matters.

It also matters as precedent. As Ivison notes, if they get away with it this time they may try it on other items in the next budget. And maybe not just at the rate of inflation. After all, spending keeps going up faster.

Even though the guy in charge no longer wears a crown, MPs need to stop passing budgets they haven’t even read, allowing the $300-billion executive juggernaut to roll over them annually in a manner not even the most supine Tory Parliament would have done for a Stuart king. They certainly mustn’t let the annual requirement slip away.

So the less Bill Morneau worries about how James II tried to free himself from the need to go to Parliament every year, the more we should.

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