Hi, Guest
11-15-2005, 01:52 PM
... I hear the liberals want to implement a MASSIVE tax cut...
http://news.yahoo.com/s/cpress/20051114/ca...a/fiscal_update
"OTTAWA (CP) - A Liberal government on day-to-day life support rolled out six years worth of largesse Monday, hoping $29 billion in promised tax cuts will help Canadian voters forget the sponsorship scandal. "
Highlights of the federal fiscal update:
-Immediate $500 increase to the basic personal amount of income all Canadians can earn without paying federal tax
-Lowest income tax rate drops one percentage point to 15 per cent, retroactive to last Jan. 1.
-The changes mean a two-income family of four earning $60,000 would pay $499 less in taxes for 2005.
-One percentage point reduction to each of the middle tax rates by 2010.
-Increase in the income level at which the top tax rate applies, starting in 2010.
-A Working Income Tax Benefit for low-income earners starting in 2008.
-Elimination of the federal capital tax for business next year - two years ahead of schedule.
-Forecast surplus of $13.4 billion for 2005-06 to be trimmed to $1.6 billion after taking into account tax cuts, energy rebate, new spending and the contingency reserve.
-Forecast surplus of $96.8 billion over six years to be trimmed to $15.5 billion after tax cuts, new spending, contingency reserve and other factors.
-Economy forecast to grow by 2.8 per cent this year, 2.9 per cent next year, and 3.1 per cent in 2007.
Crazyness.
http://news.yahoo.com/s/cpress/20051114/ca...a/fiscal_update
"OTTAWA (CP) - A Liberal government on day-to-day life support rolled out six years worth of largesse Monday, hoping $29 billion in promised tax cuts will help Canadian voters forget the sponsorship scandal. "
Highlights of the federal fiscal update:
-Immediate $500 increase to the basic personal amount of income all Canadians can earn without paying federal tax
-Lowest income tax rate drops one percentage point to 15 per cent, retroactive to last Jan. 1.
-The changes mean a two-income family of four earning $60,000 would pay $499 less in taxes for 2005.
-One percentage point reduction to each of the middle tax rates by 2010.
-Increase in the income level at which the top tax rate applies, starting in 2010.
-A Working Income Tax Benefit for low-income earners starting in 2008.
-Elimination of the federal capital tax for business next year - two years ahead of schedule.
-Forecast surplus of $13.4 billion for 2005-06 to be trimmed to $1.6 billion after taking into account tax cuts, energy rebate, new spending and the contingency reserve.
-Forecast surplus of $96.8 billion over six years to be trimmed to $15.5 billion after tax cuts, new spending, contingency reserve and other factors.
-Economy forecast to grow by 2.8 per cent this year, 2.9 per cent next year, and 3.1 per cent in 2007.
Crazyness.
Dan