Putting New Brunswick [Liberal] tax policy into perspective
Is there relief for the average taxpayer?
When it comes to tax policy in New Brunswick, my advice to you, try not to focus on just one report by the CD Howe institute, or in this particular case, one specific tax.
That's unless you're willing to ignore minor details like the fact that personal taxes [under the current Liberals] have increased by $60 million, forgivable [corporate welfare] loans continue to flow freely to government friendly firms, small business taxes have increased from 1.5 to a whopping 5 per cent, corporate tax rates have risen significantly, power rates have increased by more than $100 million this year (9.6 per cent increase), liquor prices have risen, not to mention, more burden has been placed on homeowners as their [property] taxes have gone right through the roof.
So there you have it. Not as rosy a picture as was initially painted by the CD Howe institute in their report a few weeks back, is it? I guess it is really easy to see why I favour broader, across-the-board tax cuts over targeted tax relief for selected industries. Because, in the end, somebody always ends up paying to offset the increases elsewhere.
So there you have it. Not as rosy a picture as was initially painted by the CD Howe institute in their report a few weeks back, is it? I guess it is really easy to see why I favour broader, across-the-board tax cuts over targeted tax relief for selected industries. Because, in the end, somebody always ends up paying to offset the increases elsewhere.
3 Comments:
Gee, by their reasoning, since Ontario has the HIGHEST rate of tax, they should have the lowest productivity. Hmmm, something wrong with that picture.
Since New Brunswick's effective tax rate is the lowest in the country, why exactly do virtually all economic indicators have the province at the bottom of the pile?
So where are all the parades and bells and whistles that NB must by definition have the best economy since it has the lowest tax rate? It's even lower than Nova Scotia and yet Nova Scotia continues to pummel NB in productivity and most economic indicators.
I just explained, we don't. Small business [SMEs] and individual taxpayers are getting pummelled in New Brunswick by taxes, fees and regulations implemented by this current Liberal government.
Plus, much of their earnings [small businesses] are being diverted to multi-nationals who receive government assistance in the form of corporate welfare loans and business subsidies. (i.e. Rogers Communications)
It's not one specific policy, the entire business culture has to change, mikel. We can't expect to create a vibrant and equitable economy when most of the population is paying through the nose for the overall growth of a few.
Two options for business people and individual taxpayers (in New Brunswick):
1.) Stay in the province (where the public sector continues to expand) while getting taxed up the ying yang so that other government friendly firms can prosper off your profits.
2.) Move to a more business friendly province where there is a more educated workforce and pay less tax.
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