1700 ideas posted
Income taxes are too high on small income earners. When the poor can Afford decent housing, transportation and food All Those things make for a stronger economy.
Submitted by Gilles 1 year ago
Yes good wealth distribution makes stronger economy. I agree
Ontarians earning more than $509,000 in 2013 face a combined federal/provincial marginal tax rate of 49.5% while Quebecers who earn more than $100,000 and Nova Scotians who earn more than $150,000 currently pay tax at combined marginal tax rates of 50%
With tax rates at 50% for those who are in the top 1%, I think they are paying more then their fair share. They pay so much in fact that it is almost a punishment to be successful.
The top 10%, whose income was at least $81,200 in 2010, accounted for 55% of the total personal tax collected in 2010. That is data without Provincial taxes on top.
In summation, we need to cut taxes to everyone. This will promote people with money, who make jobs to stay in Ontario and Canada. Cut down on the paper pushers in government. Start rewarding government departments who are frugal with their budgets, instead of instead of fiscal end budget blowout so they don't receive cut backs. Liberals idea of creating jobs is adding more to their own government which comes with the benefits and salaries the tax payers cannot afford to pay.
This needs to happen immediately. Many low income earners are in a crisis situation today.
So are many who aren't so what's your point?
Removing the Provincial portion of Income tax on low wage earners would have the same impact on workers that raising the minimum wage would, but it would place the burden of paying for it on society as a whole, not on individual business owners.
Interesting idea. It would also almost certainly spur the economy as low income earners are the most likely to spend what they save in taxes.
... and compensate for this by increasing the income tax on high-income earners
It could be paid for in a number of ways, higher income tax on high-income earners being one of them. Changing the structure of Capital Gains tax would work even better. As of right now only 50% of Capital Gains is taxable, bumping it to 55% on everything over $500,000 would likely come close to offsetting the cost of eliminating income tax on low income earners.
Removing income tax on low income earners makes even more sense. It has the same effect as raising the minimum wage, but puts the burden on society, not business owners.
Excellent, intelligent comment
Yes. There should be no taxes levied below a liveable income or at least 30,000 dollars. This would give people an incentive to work.
Do not tax those low income individuals and families as defined:" In 2010, the LIM-AT threshold for a single person was $19,460. For any other household size, the threshold is equal to the single-person threshold multiplied by square root of the household size. For example, the LIM-AT threshold for a household with two members is $27,521 and for four members is $38,920." - statistics canada.
if the low income families are given tax break they will spend it in Canada to stimulate the economy. When you give tax break to high income group they spend it abroad, which does not help the ecomomy
The primary problem with variable income taxes depending on one's income is that income and the cost of living varies depending on where one resides, while the cost to provide services decreases as population density increases, and representation generally decreases per capita as population density increases (due to northern Ontario being overrepresented).
A great point. This is why province wide laws such as income tax rates and minimum wage laws don't work. You can buy a 3 bedroom house in Chatham (Ontario) for under $27,000. Look it up if you don't believe me.
A guy making minimum wage and paying tax on it is doing great if he lives in Chatham. Same guy in the GTA is out of luck.
Income taxes are an unfair method of taxation just as minimum wages are unfair to workers and employers.
Better than increasing the minimum wage and crippling some startups
No one should pay tax on income required to make it out of poverty.
Raise the minimum income threshold (personal exemption) before people start paying income tax. That will give a boost to the economy when people actually have money to spend on more than the strict necessities. Balance this by closing loopholes in corporate taxes so corporations pay the actual tax rates they are supposed to.
Immediately raising the personal exemption to the amount allowed federally and then continuing to direct any additional tax relief only to individuals in this manner and not corporations would go a long way to stimulating economic activity and well-being.
A generalized approach of penalizing success is not the way to go. i.e. increasing taxes on higher income earners across the board. You don't have to be making huge dollars to see the gov take almost half of your earnings. Focus first on closing loopholes for tax payers earning over 250k and corporations. (somehow I doubt many corps pay the full 15%) Also look for cost savings via the shutdown of inefficient / ineffective gov programs to fill gaps.
There needs to be a balanced approach ...last thing we need is to move towards ideological extremes like the U.S.
anyone who works a full week should should be able to support their family without living in poverty or having to work 2 jobs. To do so, hourly wages need to be set to a minimun of $15/hr.
I society that knowingly supports a poverty living working class will always have social problems that cost far more to patch with no fix possible until they acknowledge the real problem. Most people want to be appreciated for their efforts, less tha $15/hr is poor management
No, minimum skill = minimum pay. You shouldn't be having kids you cannot afford.
I want free stuff and everyone else to pay for it.
Lower it? Abolish it for incomes below $25K.
Give me something for free. Make somebody else pay for it.
There seems to be a desire to have the "rich" pay even more....but there is also a misunderstanding that underestimates the huge percent of the overall tax burden that the rich already pay. And if you are lower income, please do not overlook the marginal tax rate that applies (the lowest); as well as various and sundry tax credits (GST credit; Ontario Trillium benefit; etc). I'm all for lowering taxes on lower income people. But we would be better served to look at reducing wasteful Government spending that simply drives up costs for everyone....including the poor.
Just did a calculation on how much Ontario tax is owing (including health premium) on $25,000. There would be $1087 in taxes paid to Ontario... or 4.348%. Monthly payments from the Ontario Government for the Trillium benefit bring the net amount paid by someone making $25,000 well under $1000. The personal exemption is basically $9500 (so no tax to Ontario under this amount) and anything between that up to about $40,000 is taxed at 5.05%. This is a small amount to pay to the province that provides so many services, benefits, etc. Throw in a dependent/children and the tax burden decreases even further.
Good wealth distribution makes a stronger Economy? You are so wrong Gill. I pay way too much tax! I have had it. I offer you this Story (My story). I am an oilfield worker outside of Canada. I work in crappy dangerous places because the Canadian Government allows Foreign workers in doing my exact job but won't fight for me? I spend minimum 6 months away from my family and friends. No labor laws in many of these places I work. Yet I am taxed to death? So people who do nothing can sit at home and smoke weed and play X-Box? Or that fat Chief up in Abiwapiskat or however you spell it driving her Escalade. Can I have some of the money I risked my life for please? Or is it all yours to distribute it as you like? My children are being taxed because there Father has to leave them and earn more money because too many lazy people believe they can vote away my wealth. I am close to selling up everything and leaving this country. I am of immigrant decent. My ancestors came here for a better future for there children I believe the future is in jeopardy for my children. If my taxes increase .5% I am gone
Buddy, we are all in this together.
Guaranteed Annual Income for everyone.
Two points: "Penalizing success". Success is never measured by how wealthy you are. Many have acquired wealth to the detriment of society. Success is measured only by how much one has fought and succeeded in reaching his or her maximum potential, all the while respecting others.
Large corporation (and you hear that all the time) pay as little taxes as they can by utilizing tax loopholes. Some do not even pay any tax at all.
More money in the pockets of low income people benefits the economy. Those people are the ones who spend proportionally more than the wealthy who are pocket conscious.
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