We hear a lot about Muskrat Falls as Danny Williams’ legacy, but it is hardly the only problem he left us to sort out. He rejigged provincial income tax rates between 2007 and 2010 so as to primarily benefit our wealthiest citizens. The result is that people earning in excess of $100,000 a year have since received – in the form of reduced taxes – more money than the province normally raises through income tax in an entire year. Income distribution changing Income figures for 2015, recently released by the Canada Revenue Agency (CRA), reveal our province to be profoundly divided. Our income distribution now exhibits a strangely inverted symmetry: more than half the people earn only a fifth of the income, while a fifth of the people earn more than half. This pattern is new and results from changes in provincial government policy that favour high-income earners. This policy…
With the province reeling from a crash in oil prices and record budget deficits, we look back on a decade of tax cuts by the PC Government, and how much they cost.
The PC’s austerity budget ignores the fiscal realities of a resource-based economy.
Years of unaffordable tax breaks for rich people have contributed to a yawning budget deficit. It’s time to reverse course.
With oil prices falling and budget deficits growing, a carbon tax is the smartest way to deal with the province’s fiscal crisis.
The dropping price of oil reveals more than just the dangers of relying on oil revenue. It also reveals the dangers of letting high income earners and corporations skip by without paying their fair share of taxes.
Why individual and government debts are different in a very important way
Why income splitting is an unjust waste of money
If the boom has not led to a marked increase in inequality, the same cannot be said for government policies. They markedly increased our levels of inequality.
Ownership of stocks, bonds, real estate and professional incomes set the 1% apart from the rest of us.
A consultant’s report commissioned by the City of St. John’s is suggesting that the case for amalgamating the Northeast Avalon isn’t strong. “The report does not present a compelling case for amalgamation and may in fact offer reinforcement to opponents of amalgamation,” wrote Robert Smart in a memo obtained by the CBC. Smart said the report found amalgamation would likely decrease taxes for St. John’s residents but increase taxes in Mount Pearl and Paradise. Source: CBC
What does the feel-good ad about taxes tell us?