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  1. #1
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    Default 2021+ income tax

    Anybody want to wager how badly are we going to get raped in taxes over the next years to pay for all of these bailouts and subsidies?
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    I was having a chat with a friend about this the other day...

    Make 100,000 a year? 80% tax rate

    No sources, just speculating...
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    All you rich people that didn't get a dime of these Trudeau Toonies will have to pay your fair share instead of hiding all your wealth and paying little to no income tax. That's a thing right?

    Seriously though a few things I wouldn't be surprised to see:

    - An increase in the GST.
    - An Alberta PST.
    - A noticeable bump in overall tax rates for anyone over the national median income (cuz ya, rich people need to pay their fair share).
    Last edited by Masked Bandit; 04-20-2020 at 05:48 AM.
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    Quote Originally Posted by M.alex View Post
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    Anybody want to wager how badly are we going to get raped in taxes over the next years to pay for all of these bailouts and subsidies?
    Increase of taxes would be murder for a lot of people. In a time when people have lost jobs and been on EI and received CERB, I would hope for certain tax brackets either we see a decrease for some and perhaps an increase for others.

    I would hope that tax increases don't happen as there is now way I would like to have to worry about that next year even though I am still working.

    People have enough to worry about let's not throw that onto their plate.

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    Inflation is what I'm concerned about. Avocado toast, probably $16. San Francisco low income - probably $130,000 per year.

    One ton of iron? $30?
    321 years since last Cascadia earthquake.

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    Taxes? Lol

    Everyone is paying for it with currency devaluation.

    Here's what exchange rate companies are setting their products at:

    Apple: 0.66
    Onplus: 0.64
    Tesla: 0.61

    Actual rate today: 0.71

    So average bet is $CAD will worth 10% less in a year.

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    Don't worry. The Liberal's will make sure only the "rich" "pay their fair share". You know, anyone making over ~$90K, the rich...


    It is a big problem that no one talks about how all of this is going to be paid for. And we just keep bailing out more and more people. At some point they are going to have to draw a line and stop bailing everyone out. People (individuals and companies) need to face the music if they made bad fiscal decisions. And I don't want to derail this thread and I am not saying the government shouldn't be doing nothing, just saying it is starting to go a bit too far with no consideration for how we are going to pay for this.

    My bet is on a "temporary" increase to the GST and then various other tax hits that add up to a lot but confuse the media and most people so it doesn't sound as bad as it actually is.

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    Gov't revenues are quite elastic with respect to tax rates. That is, raising taxes to generate more revenue doesn't generate nearly as much revenue as people think. Never does.

    We'll pay for it in other ways once the gov't realizes that taxation is not as useful a tool as they think: currency devaluation, high interest rates, reduced buying power, etc.

    The only way to create fiscal balance is, and always has been, the creation of wealth. For Canada that means exporting raw materials, either in a high growth environment or a low growth environment. Domestic demand, bubbly real-estate and other dreamy Canadian ideals are going to be useless.

    But Canadians are too dumb to realize what Canada actually is. Hot tip: it's not the next Silicon Valley or poster child for diversification. And so we're probably fucked. Canadians need to realize they aren't on the cusp of being San Francisco. They're on the cusp of being Detroit.

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    As long as other G8 nations are doing the same stimulus then whatever. We will all suffer together. I can't imagine the $2T stimulus for the US won't be damaging to them as well. (And that $2T is only what has been confirmed so far... apparently congress is working on their next stimulus) Compared to our $100B so far i think we are doing OK relatively speaking.

    But this is my simpleton view, looking forward to learning more about this from people smarter than me.

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    lol people think these taxes will only go up on people making 90k a year. That’s adorable.

    There aren’t NEARLY enough people making that much in this country to pay for all of this.

    My bet is CERB becomes Mincome and all I come over 24k a year is taxed north of 50%.
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    Besides the inflation tax, I fully expect taxes on most incomes to go up as well as a GST hike. These better come with pretty large reductions in Government spending though. I doubt Trudeau would cut anything, and I have doubts limp dick Scheer would push for any cuts to spending either.

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    Quote Originally Posted by KrisYYC View Post
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    Besides the inflation tax, I fully expect taxes on most incomes to go up as well as a GST hike. These better come with pretty large reductions in Government spending though. I doubt Trudeau would cut anything, and I have doubts limp dick Scheer would push for any cuts to spending either.
    Closer to home, I think Kenney will push for PST before the year is out.

    I don't think a raise in GST is necessary, the currency devaluation = more GST revenue.

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    Quote Originally Posted by Xtrema View Post
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    Closer to home, I think Kenney will push for PST before the year is out.

    I don't think a raise in GST is necessary, the currency devaluation = more GST revenue.
    Will the PST come with a reduction of income tax? Or just strait up PST?

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    the problem is, the people with around 100k income are now taking a paycut but still have a job, are not getting a fucking dime from the government right now. Yet they'll most likely pay for the majority of these free money in the future.

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    Quote Originally Posted by killramos View Post
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    lol people think these taxes will only go up on people making 90k a year. That’s adorable.

    There aren’t NEARLY enough people making that much in this country to pay for all of this.
    Quote Originally Posted by Team_Mclaren View Post
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    the problem is, the people with around 100k income are now taking a paycut but still have a job, are not getting a fucking dime from the government right now. Yet they'll most likely pay for the majority of these free money in the future.
    Very valid points.
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    Quote Originally Posted by arcticcat522 View Post
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    Will the PST come with a reduction of income tax? Or just strait up PST?
    My guess whatever % needed to replace royalty revenue short fall. Nothing else will be reduced. If there is a time to drop a new tax is without election, now is it.

    Quote Originally Posted by Team_Mclaren View Post
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    the problem is, the people with around 100k income are now taking a paycut but still have a job, are not getting a fucking dime from the government right now. Yet they'll most likely pay for the majority of these free money in the future.
    Printing $ = everything will inflate by 10% = everyone pays.
    Last edited by Xtrema; 04-20-2020 at 09:44 PM.

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    Quote Originally Posted by Xtrema View Post
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    Printing $ = everything will inflate by 10% = everyone pays.

    At least if one qualifies for any benefits right now, you got something back....

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    Quote Originally Posted by Team_Mclaren View Post
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    At least if one qualifies for any benefits right now, you got something back....
    Well other than fringe cases (every benefit program will have undeserved recipients), most of them have lost their income.

    And given our economy is totally based on participants' ability to spend, it's not a bad way to dig ourselves out of a hole.

    It also lower our labor cost to be more competitive on the world stage.

    We'll see. Seems like every economic disaster every decade or so challenges what we thought should work from the last time.

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    Quote Originally Posted by Team_Mclaren View Post
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    At least if one qualifies for any benefits right now, you got something back....
    i don't get this argument.

    would you prefer to lose your job so you can qualify for 2 grand a month? Or would you rather keep your job, keep busy throughout this pandemic, and likely be earning more than the CERB amount?

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    Exactly. I would much rather be working in my field than collecting hand outs and having absolutely zero idea on what the hell to do now.

    I'm just incredibly fortunate that there are aids to help right now. I honestly don't see me working this entire year unless I go stock shelves, which is a risk in itself to a person's health.

    Funny enough I applied to a few programs at SAIT and 2/3 got declined because my high school marks were too bad. If I didn't already feel like my MSc was partly useless...
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