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Author Topic: Poverty in Canada  (Read 3904 times)

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Offline Queefer Sutherland

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Re: Poverty in Canada
« Reply #210 on: April 13, 2018, 05:24:05 pm »
Quote from: MH on April 13, 2018, 05:42:08 am
We could get approved in Toronto also but I see too much risk.  Also you have to go pretty far out to get a nice place.

I would much rather move to say Kingston and work remotely.  But... happy wife, happy life, she just loves the city life.  So do I really.

Glad you like it there.  There's some risk short-term yes because there could still be a correction especially when interest rates rise more, but longterm it's a fact that Toronto is only going to grow even more as immigration rates have kept rising and those people need a place to live.  Longterm in Toronto housing there's almost no risk as an investment.
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Offline Michael Hardner

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Re: Poverty in Canada
« Reply #211 on: December 21, 2018, 08:02:11 am »
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Online wilber

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Re: Poverty in Canada
« Reply #212 on: December 21, 2018, 10:32:30 am »
Quote
The parliamentary budget office has estimated federal spending would need to increase $43.1 billion annually to provide every low-income household with an average of $9,421, beefing up the $32.9 billion Ottawa already spends on support for low-income Canadians.

On top of the almost $20 billion deficits we area already running?
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Offline JMT

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Re: Poverty in Canada
« Reply #213 on: December 21, 2018, 11:57:07 am »
Quote from: wilber on December 21, 2018, 10:32:30 am
On top of the almost $20 billion deficits we area already running?

Obviously taxes would be able to go up if everyone had a guaranteed income.
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guest7

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Re: Poverty in Canada
« Reply #214 on: December 21, 2018, 12:06:29 pm »
Quote from: John Mark Taylor on December 21, 2018, 11:57:07 am
Obviously taxes would be able to go up if everyone had a guaranteed income.

Wouldn't the guaranteed income come from taxes?  You might have something here!!! 
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Offline JMT

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Re: Poverty in Canada
« Reply #215 on: December 21, 2018, 12:10:08 pm »
Quote from: bcsapper on December 21, 2018, 12:06:29 pm
Wouldn't the guaranteed income come from taxes?  You might have something here!!!

Of course - but revenues would also rise significantly.
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Offline TimG

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Re: Poverty in Canada
« Reply #216 on: December 21, 2018, 01:15:44 pm »
Quote from: John Mark Taylor on December 21, 2018, 12:10:08 pm
Of course - but revenues would also rise significantly.
Implementing the large tax increases on the middle and upper class needed to fund a GAI would have a significant impact on economic growth and likely reduced revenues.
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Online wilber

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Re: Poverty in Canada
« Reply #217 on: December 21, 2018, 01:22:33 pm »
Quote from: John Mark Taylor on December 21, 2018, 12:10:08 pm
Of course - but revenues would also rise significantly.

How does increased taxation stimulate the economy and raise revenues?
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Offline ?Impact

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Re: Poverty in Canada
« Reply #218 on: December 21, 2018, 03:20:11 pm »
Quote from: wilber on December 21, 2018, 01:22:33 pm
How does increased taxation stimulate the economy and raise revenues?

It does a far better job than giving tax breaks to rich individuals and corporations, especially foreign owned corporations, which do not spend and keep the economy going.
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Offline JMT

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Re: Poverty in Canada
« Reply #219 on: December 21, 2018, 04:06:06 pm »
Quote from: wilber on December 21, 2018, 01:22:33 pm
How does increased taxation stimulate the economy and raise revenues?

In conjunction with giving money to poor people?  It does a great job - like I've already said, we have historical low levels of taxation.
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Offline TimG

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Re: Poverty in Canada
« Reply #220 on: December 21, 2018, 04:12:48 pm »
Quote from: John Mark Taylor on December 21, 2018, 04:06:06 pm
In conjunction with giving money to poor people?  It does a great job - like I've already said, we have historical low levels of taxation.
Nonsense. Top marginal rates are already above 50% in most provinces. A a general rule marginal rates above 50% are confiscatory and there is no room for further increases. More importantly, we are running large deficits so taxes have to go up to close that deficit which means even less room to raise taxes to pay for a expensive brand new program.
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Offline ?Impact

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Re: Poverty in Canada
« Reply #221 on: December 21, 2018, 04:19:07 pm »
Quote from: TimG on December 21, 2018, 04:12:48 pm
Nonsense. Top marginal rates

You are absolutely correct, talking about "rates" is complete nonsense. What are actual taxes paid?
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Offline ?Impact

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Re: Poverty in Canada
« Reply #222 on: December 21, 2018, 04:40:33 pm »
In the 2016 tax year, there were 251,320 persons in Canada with a total income greater than $250,000. They paid an average of 30.85% taxes (combined federal and provincial).

This and other interesting statistics can be found at: https://www.canada.ca/content/dam/cra-arc/prog-policy/stats/t1-prelim/2016-tax-year/tbl02-en.pdf

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Offline TimG

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Re: Poverty in Canada
« Reply #223 on: December 21, 2018, 05:20:17 pm »
Quote from: ?Impact on December 21, 2018, 04:40:33 pm
In the 2016 tax year, there were 251,320 persons in Canada with a total income greater than $250,000. They paid an average of 30.85% taxes (combined federal and provincial).
Marginal rates are what have most impact on people because is the tax rate on extra income. You are delusional if you think marginal rates can be increased much beyond where they are now without having a huge impact on the ability of Canadian businesses to attract top talent from the US and other places. France tried to jack marginal rates up to 75%.

Revenues dropped dramatically:
https://www.bbc.com/news/business-27602312

And it was forced to backtrack:
https://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax
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guest7

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Re: Poverty in Canada
« Reply #224 on: December 21, 2018, 05:24:19 pm »
Quote from: ?Impact on December 21, 2018, 04:40:33 pm
In the 2016 tax year, there were 251,320 persons in Canada with a total income greater than $250,000. They paid an average of 30.85% taxes (combined federal and provincial).

I can't tell from your post if you think that's too little or too much.  I wouldn't want to pay any more than that, that's for sure.
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