If its the young ones that end up surviving, they should be the ones paying, because they are the only ones left to pay. Logic.
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If its the young ones that end up surviving, they should be the ones paying, because they are the only ones left to pay. Logic.
The biggest problem is I genuinely don’t think that the majority of Canadians even care about what the deficit or debt level is. Until you have a debt crisis or rampant inflation, I doubt anyone even bats an eyelid. Sunny ways ...
https://www.greaterfool.ca/2020/07/08/neck-deep/Quote:
Well, get used to it. For example, the coming budget is likely to increase the capital gains inclusion rate (to 75%, if the NDP gets its way), which means you’d be wise to lock in some gains before that happens. We might well see a new tax bracket created to further ensnare and drive off the 1%ers. Self-employed who pay themselves exclusively through dividend income, rather than salary, might come to regret that choice. Or there could be a lifetime cap placed on TFSA contributions or (more draconian) on accumulated tax-free balances. The feds could simply decide – since we don’t have enough rich people – to shift more tax from income to consumption, and bring the sales tax back up to pre-Harper levels.
*sigh*
We have become to desensitized to the massive numbers being thrown around by the media with no concept of scale and real world impact.
Government: "We have pledge $8billion for XXXXXXXXXX"
Canadians: "Neat!"
When you read stats like the average Canadian spending 180% of the money they earn, its no wonder we are in the situation we are today. We are in a "look what I have" society and most people are unable to support it with their income.
The 75% cap gain inclusion has been rumored for at least a couple of years in a row now. But there is a play there that could be done.
- Announce an increase to the cap gain inclusions to 75% starting Jan 1, 2021
- Everyone sells their winners (2020), and has to pay taxes on it because they don't want to pay capital gains tax at 75%
- Government gets their money by April 30, 2021
- Budget 2021 is released in May 2021 saying the cap gain inclusion rate is going to drop back down to 50% starting Jan 1, 2022
Profit!
If you spent 180% of what you earned, and then kick the bucket... Isn't that a win?
Ethics scandals and deficits are not news worthy it seems. That said, why is Scheer even around still?
https://www.facebook.com/CTVNews/vid...type=2&theater
Millennials are definitely in the front running for most screwed generation ever. But the future may still hold a California earthquake for Gen Z. I got sympathy, but don't be surprised if there is a 200% debt to GDP to contend with, every generation for themselves!