Income Tax under NDP

[Super_Geo]

Hey guys, has there been any guidance out there on where NDP is going to move provincial income tax? I'm assuming the flat tax rate will be replaced by a tiered one?

[sputnik]

It is right in their platform.

The first $125,000 you earn is taxed at 10%
Your earnings between $125k and $150k are taxed at 12%
Your earnings between $150k and $200k are taxed at 13%
Your earnings between $200k and $300k are taxed at 14%
Anything above $300k is taxed at 15%

[Manhattan]

It's not all that bad. If you made $150K a year, you'd only be paying $500 more. Combine that with the fact that you won't pay health premiums you're still ahead.

[BigMass]

Originally posted by Manhattan
It's not all that bad. If you made $150K a year, you'd only be paying $500 more. Combine that with the fact that you won't pay health premiums you're still ahead.

what about the people making over 300k though? How will they eat?

[Super_Geo]

... how quickly are they going to enact this? Or is it already in place now that they're the majority party?

[Toma]

Originally posted by Manhattan
It's not all that bad. If you made $150K a year, you'd only be paying $500 more. Combine that with the fact that you won't pay health premiums you're still ahead.

Would it really be more? what about added costs suggested by the PC's?

But more than now, sure.

[suntan]

Originally posted by Super_Geo
... how quickly are they going to enact this? Or is it already in place now that they're the majority party? They have to pass a budget first, and perhaps rescind the old one (not sure how far the gov't got with passing the PC budget).

[sabad66]

Originally posted by BigMass


what about the people making over 300k though? How will they eat?

:rofl:

[phreezee]

I wonder if any of those new fees will be rescinded, especially the land transfer.

[blownz]

I didn't notice if they mentioned which year the tax increase will happen in. It will make a big difference in decisions regarding RRSP deductions (ie this year vs next). Anyone see that?

And I still worry that every single one of their promises (which sure look great on paper) they say will be paid for by the top 10% of earners and corporations. Seems optimistic to me.

[birdman86]

Except that the corporations means the employees which means everyone regardless of income :dunno:

Conveniently the platform seems to be unable to load now too.
http://www.albertandp.ca/platform

[M.alex]

Originally posted by birdman86
Except that the corporations means the employees which means everyone regardless of income :dunno:

Conveniently the platform seems to be unable to load now too.
http://www.albertandp.ca/platform

LOL, soon to be replaced by the 50% flat tax act :D

[HiTempguy1]

Originally posted by birdman86
Except that the corporations means the employees which means everyone regardless of income :dunno:
[/url]

We give them the power to do so as employees.

If people stopped viewing themselves as slaves to do the employers bidding, we'd be in a much better world and give ourselves a lot more power. :dunno:

[Sugarphreak]

...

[suntan]

Um, yeah, depending on how far the old budget went they still might have to do something.

Good lord they're not fucking dictators. They still have to actually make bills and shit. Ya no fucking shit they can pass the budget easily but they still have do actually do it.

[lasimmon]

Yah they were chatting about this on the CTV last night. Have to get a budget put together. Probably number one on the list after a cabinet?

[BigMass]

Originally posted by Sugarphreak
Free Money for everybody!

No consequences!

All thanks to fictitious income from evil corporations!

They have a majority, they can do whatever they want now

http://i.imgur.com/7drHiqr.gif

[kertejud2]

Originally posted by BigMass


what about the people making over 300k though? How will they eat?

They'll move to BC and Saskatchewan...to pay even more tax.

[suntan]

Nunavut now has the lowest income taxes for high-income earners.

[kertejud2]

Plenty of beachfront to build some fancy villas as well.

Let the exodus begin.

[Xtrema]

TLDR, when I did the math last night:

If you make under $200K, NDP saves you $.

If you make $200-$300K, NDP cost you $2000 more than PC.

If you make $300K and up, NPD cost you $3000 more per $100K.

[Chiggles]

Originally posted by birdman86
Except that the corporations means the employees which means everyone regardless of income :dunno:

Conveniently the platform seems to be unable to load now too.
http://www.albertandp.ca/platform

Google cache is your friend:

Original NDP Platform (http://webcache.googleusercontent.com/search?q=cache:T4tf0pLcNIYJ:www.albertandp.ca/platform+&cd=1&hl=en&ct=clnk&gl=ca)

Good time to copy & paste or save the page if you want something to hold onto for the sake of accountability comparison down the road.

[phreezee]

For all the rich people bashing, I'm surprised that Calgary Bow voted in the NDP. They must feel charitable.:D

[codetrap]

.

[Mibz]

Originally posted by Xtrema
TLDR, when I did the math last night:

If you make under $200K, NDP saves you $.

If you make $200-$300K, NDP cost you $2000 more than PC.

If you make $300K and up, NPD cost you $3000 more per $100K. I'd like to see that math.

[heavyD]

When are they going to introduce a provincial sales tax? Just a matter of time.

[colsankey]

Originally posted by Mibz
I'd like to see that math.

Are you accusing him of doing MARth?

[Aleks]

Originally posted by Mibz
I'd like to see that math.



0-125k = 10% now and before
125k-150k portion = 2% more than before = 25k x .02=$500
150k-200k portion = 3% more than before = 50k x .03=$1500
200k-300k portion = 4% more than before = 100k x .04=$4000

[sputnik]

Originally posted by Aleks




0-125k = 10% now and before
125k-150k portion = 2% more than before = 25k x .02=$500
150k-200k portion = 3% more than before = 50k x .03=$1500
200k-300k portion = 4% more than before = 100k x .04=$4000

You also have to remove the health premium costs that the PCs had proposed.

[Mibz]

Originally posted by Aleks
0-125k = 10% now and before
125k-150k portion = 2% more than before = 25k x .02=$500
150k-200k portion = 3% more than before = 50k x .03=$1500
200k-300k portion = 4% more than before = 100k x .04=$4000 So where is the guy making $199,999 saving money?

Please keep in mind that I have paid next to zero attention to this whole thing. I didn't vote. I know about the progressive tax brackets, but that's why I'm questioning his $200k number.

[Xtrema]

Originally posted by Mibz
So where is the guy making $199,999 saving money?

Please keep in mind that I have paid next to zero attention to this whole thing. I didn't vote. I know about the progressive tax brackets, but that's why I'm questioning his $200k number.

For $199,999

Under PC, it's 1.5% increase for $99,999 and $1000 in health premium:
$1500 + $1000 = $2500


Under NDP, it's 2% increase for $25,000 and 3% increase on $49,999:
$500 + $1500 = $2000


You saved $500 by voting NDP over PC.


The number is even better @ $124,999.

NDP = no increase
PC = $375+(whatever health premium you owe, probably like $800).


Albertans are not totally stupid. But NDP platform has the ability to cherry pick after Prentice released the PC budget.

The only down side here is, all this is pointless if everybody is on the street collecting EI when business leaves.

[Mibz]

Ah, didn't know about the health premium, thanks.

[CapnCrunch]

Originally posted by Sugarphreak
Free Money for everybody!

No consequences!

All thanks to fictitious income from evil corporations!



Lol, hopefully they have more of a plan that, but it's kind of been the NDP's thing. "Take all this free stuff - Let me worry about how to pay for it.

If they can't make their leftopia work in Canada's richest province, then it probably won't work in the rest of Canada.

[mikestypes]

The PC plan was gradual at .5% more per year for 3 years so this year it would have been $500 less under the PC vs NDP and the same overall tax in year 2.


Originally posted by Xtrema


For $199,999

Under PC, it's 1.5% increase for $99,999 and $1000 in health premium:
$1500 + $1000 = $2500


Under NDP, it's 2% increase for $25,000 and 3% increase on $49,999:
$500 + $1500 = $2000


You saved $500 by voting NDP over PC.


The number is even better @ $124,999.

NDP = no increase
PC = $375+(whatever health premium you owe, probably like $800).


Albertans are not totally stupid. But NDP platform has the ability to cherry pick after Prentice released the PC budget.

The only down side here is, all this is pointless if everybody is on the street collecting EI when business leaves.

[403Gemini]

Originally posted by sputnik
It is right in their platform.

The first $125,000 you earn is taxed at 10%
Your earnings between $125k and $150k are taxed at 12%
Your earnings between $150k and $200k are taxed at 13%
Your earnings between $200k and $300k are taxed at 14%
Anything above $300k is taxed at 15%

http://www.albertandp.ca/platform
"The page you were looking for was not found."

Come on guys, NDP is about:

Transparency

;)

edit: I am aware it is cached on google , I don't think the NDP realize that. Just seems odd to remove this from readily available access to the masses (ie, people who hardly know how to use a computer) the day after winning the election

[ImTherious]

Originally posted by CapnCrunch
If they can't make their leftopia work in Canada's richest province, then it probably won't work in the rest of Canada.

The only reason why we are Canada's richest province is because we haven't had the Left do their "work" in our province!

[BandW]

Originally posted by ImTherious


The only reason why we are Canada's richest province is because we haven't had the Left do their "work" in our province!

You're exactly right. Natural resource wealth played absolutely no role.

[Toma]

Fair and balanced analysis by Dragon Kevin Oleary....

http://www.bnn.ca/Video/player.aspx?vid=608442

lol

[max_boost]

Originally posted by Xtrema
TLDR, when I did the math last night:

If you make under $200K, NDP saves you $.

If you make $200-$300K, NDP cost you $2000 more than PC.

If you make $300K and up, NPD cost you $3000 more per $100K. not bad

[LOLzilla]

Originally posted by Xtrema
TLDR, when I did the math last night:

If you make under $200K, NDP saves you $.

If you make $200-$300K, NDP cost you $2000 more than PC.

If you make $300K and up, NPD cost you $3000 more per $100K.

Sweet. I was pretty shocked when I found out I'd be saving money by voting NDP.

[GTS4tw]

Originally posted by BandW


You're exactly right. Natural resource wealth played absolutely no role.

If it did then B.C. would still be rolling in cash.

[Xtrema]

Originally posted by mikestypes
The PC plan was gradual at .5% more per year for 3 years so this year it would have been $500 less under the PC vs NDP and the same overall tax in year 2.



Yeah. But that's for income between $125k to $200k.

Look at my math for $125K and under. You still lose with PC regardless of percentage due to health premium.

Like I said, PC released the budget first. NDP just cherry picks to get elected. We will be in debt for awhile under NDP but at least the immediate impact on our pocketbook is less than PC.

[rage2]

Originally posted by 403Gemini
Just seems odd to remove this from readily available access to the masses (ie, people who hardly know how to use a computer) the day after winning the election
It was removed as soon as they hit the lead on election night. I was trying to send it to someone during the hockey game and was surprised that it got nuked.

[mikestypes]

Originally posted by Xtrema


Yeah. But that's for income between $125k to $200k.

Look at my math for $125K and under. You still lose with PC regardless of percentage due to health premium.

Like I said, PC released the budget first. NDP just cherry picks to get elected. We will be in debt for awhile under NDP but at least the immediate impact on our pocketbook is less than PC.

Yes I fully agree. I was just working with the $199,999 case.

[frizzlefry]

Originally posted by rage2

It was removed as soon as they hit the lead on election night. I was trying to send it to someone during the hockey game and was surprised that it got nuked.

It's odd. I'll be damned if I can find it on reddit right now but someone mentioned the winning party always pulls their election platform after winning.

Didn't vote for 'em. Don't want 'em. But, at this point, investor jitters/paranoid press releases seem to be doing more damage than the NDP themselves.

I hate the rhetoric by big energy. And I benefit from them. I'm employed in the industry. Dudes, chill out. Is what it is and we don't even know yet. The proper response at this point is not to lose your minds. All they are doing is scaring off investment without anything actually being done by the NDP.

Fact is, we got 4 years with the NDP. It would have to be a cataclysmic policy for relocation to make financial sense. Just put your heads down and deal. Freaking out is costing us money and the NDP haven't even done shit yet.

Oil is here. Ain't going anywhere. I said the same thing when those execs went on TV and fear mongered. STFU.

*edit* I have been a part of many stockholder meetings for my relatively small company. The LAST thing you say when trying to raise capital is "the sky is falling". These oil execs have done their wallets and their companies a disservice by freaking out. Message should be "weather the storm, we will be fine". Right now any loss of investment is a direct result of big wigs freaking out publicly.

[ianmcc]

Looks like they removed everything after the election (list of candidates and individual candidates pages, for example).
Reading too much into the party's online platform going missing-typical conspiracy theorist rhetoric.

[Xtrema]

Originally posted by frizzlefry
I have been a part of many stockholder meetings for my relatively small company. The LAST thing you say when trying to raise capital is "the sky is falling". These oil execs have done their wallets and their companies a disservice by freaking out. Message should be "weather the storm, we will be fine". Right now any loss of investment is a direct result of big wigs freaking out publicly.

It's their way of swaying public opinion to a self fulfilling prophecy and regain control.

Same thing happened under Stelmach and Lougheed.

My senior friend told me that companies actually shut down mine and sent thousands workers home to prove a point when Lougheed raise the royalty of coal from $9 to $90/ton. Then they realize they can still turn a profit they came back.

I'm not sure NDP policies will weather the highs and lows better but I expect everyone to be negative for awhile.

[16hypen3sp]

Originally posted by Xtrema


For $199,999

Under PC, it's 1.5% increase for $99,999 and $1000 in health premium:
$1500 + $1000 = $2500


Under NDP, it's 2% increase for $25,000 and 3% increase on $49,999:
$500 + $1500 = $2000


You saved $500 by voting NDP over PC.


The number is even better @ $124,999.

NDP = no increase
PC = $375+(whatever health premium you owe, probably like $800).


Albertans are not totally stupid. But NDP platform has the ability to cherry pick after Prentice released the PC budget.

The only down side here is, all this is pointless if everybody is on the street collecting EI when business leaves.


Hmmmm. Ok I just did some math of my own here and got different numbers. Maybe I'm missing something?

The break even point between both the NDP income tax and PC income tax is when you gross 180k. It works out to a total provincial tax bill of 19400. Here's how I got that number.

NDP tax policy -
Take the first 125k and multiply by 0.10 = 12500.
Then take the next 25k and multiply by 0.12 = 3000.
The remainder of income (30k) is multiplied by 0.13 = 3900.

12500+3000+3900=19400.

PC tax policy -
Take the first 100k and multiply by 0.10 = 10000.
The remainder of income (80k) is multiplied by 0.105 = 8400.
Then you have add the Healthcare Levy = 1000.

10000+8400+1000=19400.

NDP also says they are rolling back the fees that Prentice introduced. So NDP is cheaper for those under 180k a year.

But if they bring in a PST......

[pheoxs]

Originally posted by 16hypen3sp




But if they bring in a PST......

Nowhere in their platform have they ever mentioned a PST, yet people keep saying this.

Not one of the parties in this election had suggested a PST.

[phreezee]

^ the PC's where whispering it, practically lubing us up for a PST the last term. PST is almost a foregone conclusion in my mind, especially if they get a second term.

[sputnik]

A PST would be a foregone conclusion under ANY party is oil prices stay in the $50-60/bbl mark for an extended period of time.

[rage2]

Originally posted by sputnik
A PST would be a foregone conclusion under ANY party is oil prices stay in the $50-60/bbl mark for an extended period of time.
Only if they don't cut spending.

[Xtrema]

Originally posted by 16hypen3sp

But if they bring in a PST......

Only if they don't follow thru with 2% corporate tax hike and spend the same or more.

PC wants PST because they don't want to touch large corporations.

Graduated income tax and more corporate taxes can replace PST as long as spending is kept under control.

And my math is based on 11.5% which will be in 3 years under PC. Sure it's only 0.5 and 1% increase only for the next 2 years.

That's why you have a break even @ $180K and mine @ $200K

[16hypen3sp]

Originally posted by Xtrema



And my math is based on 11.5% which will be in 3 years under PC. Sure it's only 0.5 and 1% increase only for the next 2 years.

That's why you have a break even @ $180K and mine @ $200K

Ah, ok. Yah I was just basing mine off of the immediate first year increase.

[J-D]

The NDP were also talking about cancelling some of the user fee increases that the PCs were talking about.

http://globalnews.ca/news/1949955/alberta-ndp-promise-to-cancel-hike-in-mortgage-tax-land-title-fees/

[Super_Geo]

So... pretty safe to say that we won't be using a flat 10% tax when we file our 2015 tax returns?

I've been working abroad for the past couple of years but may be moving back this summer. Haven't really been keeping up... had no idea this was even a possibility till my FB feed started blowing up in the days leading the election.

[Sugarphreak]

...

[16hypen3sp]

^ Agreed Sugarphreak. Spend, spend, spend and keep on spending.

[Tik-Tok]

Originally posted by Sugarphreak


NDP will never bring a PST in, it doesn't fit with their platform. They would rather drive us into massive debt and let another party pick up the pieces later.

Sooo ironic :rofl:

[ZenOps]

I don't know what yous all worried about. Assuming the NDP will go federal, and they print at slightly more than the Conservatives, there will be so much money you won't even worry about taxes.

HpYHrbz6V4c

Bring it up to two trillion, and you can cover any trillion dollar debt no problem.. Not only that, if you set a negative interest rate - they will start making money hand over fist. Hand over fist money, so much money that you cant carry it all.

I'm sure the US and Euro have this as a possibility, might as well keep it as a possibility for Canada as well.

[Sugarphreak]

...

[Nitro5]

I'm all for a consumption tax instead of an income tax. Let me earn my money, save it first, then spend it.

[ZenOps]

I'd say that NDP would probably lean more toward the more socialist policies of the US, like spending $74 Billion per year for foodstamps.

The US foodstamp system is completely contrary to the current Canadian system of consumption. In the US you are actively rewarded for consuming more than you produce, or at the very least consuming more than you need.

In order for NDP's in Canada to match the current very socialist US food system, they would have to abolish GST on all foods convienence or not - and then include a monthly consumption stipend to everyone, even the morbidly obese - Of which if you do not use your stipend it disappears.

Assuming Canada is roughly 1/10 the population of the US, Canada might someday consider spending $7.4 Billion every year to make sure everyone has a chicken in the pot... Like the US.

If there ever was a point in time to be thinking about food security for citizens, it would be when the USA is at 15% food assistance for its own citizens (Unless that statistic is erroneous) There are parts of the US, where they may need to go on "water assistance" if things do not turn around in a few years. Mandating a free minimum two cubic meters of potable water per person per month, but heavily charging for usage above that, might be in the cards.

Left leaning does not always mean increase in taxes, especially when one has control of their own monetary base. Technically, they can bring mortgage rates to 0.0% or less (negative mortgage rates) By my estimation, that will already happen regardless of whether or not the PC or some other party gets in at the federal level.

[ZenOps]

We are definitely coming to a crossroads in the worldwide economy.

There is a chance that very soon, the majority will be actively penalized for saving money through negative interest rates. Spend it or lose it type of idea.

If the powers that be decide to penalize and demonize money savers (AKA money hoarders) it will be a fundamental shift in the way people view money nearly everywhere.

I will say again, Alberta and Canada only saving a very small amount of dollars may have been a wise decision.

[Seth1968]

The Tax Free Tour.

http://topdocumentaryfilms.com/tax-free-tour/

[phreezee]

^ thanks for the link, worth a watch.