What if we have to raise the GST by 5 points to pay this off? So what??? We're a rich country with a relatively low tax rate. It may be the case that our standard of living is going to go down slightly... People will have to take the bus more... maybe only have one car per couple!! Whoah! How terrible will that be??
Every point of GST = $7billion to the treasury. That might be a bit less if people spend less, or the gov't lowers taxes on lower income Canadians to compensate for the GST hike. But, we could make up these emergency measures in a few short years if we actually made people pay a bit more tax.
As the saying goes, "we're all in this together" I'll pay a bit more for gas and such if it gets us through this.
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