The folly of federal income tax increases

[Skippy]

You and Seoul have told him this before, but he doesn't read posts..



But, he gossip about us on other forums..



I don't understand why a sixty year old enjoys being so nasty all the time.

Theres absolutely nothing wrong with a tax break for everyone as long as it does not break the bank.



Australia has shown the proper way to do it.



The USA under Trump is the wrong method.

Joe Canada is in an equally perioulous situation as the US, Australia is only has a surplus because they are selling its mineral wealth heavily to China at discount prices, but this won't last forever, like texan, north sea, and Alberta oil, it will run out sooner than later

[Skippy]

OTTAWA – The federal budget watchdog is sounding the alarm about the growing level of net debt being accumulated by Canada's provinces, territories and local governments.



The parliamentary budget office said Tuesday that the combined net debt of Canada's so-called subnational governments — currently at 32.5 per cent of GDP — is projected to rise to more than 200 per cent over the next 75 years.



Story continues below



READ MORE: Debt binge has left Canadians more 'vulnerable' to economic shock: PBO



At that level, debt service payments would reach 11 per cent of gross domestic product, the report warned.



The subnational outlook, which excludes the federal government, has worsened since last year due to increased spending projections for health care and public sector administration, the analysis said.



On the federal side, the office found the sustainability of Ottawa's fiscal outlook had deteriorated compared to 12 months ago

[Anonymous]

You and Seoul have told him this before, but he doesn't read posts..



But, he gossip about us on other forums..



I don't understand why a sixty year old enjoys being so nasty all the time.

Theres absolutely nothing wrong with a tax break for everyone as long as it does not break the bank.



Australia has shown the proper way to do it.



The USA under Trump is the wrong method.

Joe Canada is in an equally perioulous situation as the US, Australia is only has a surplus because they are selling its mineral wealth heavily to China at discount prices, but this won't last forever, like texan, north sea, and Alberta oil, it will run out sooner than later

We have hundreds of years recoverable and more centuries after that of what is currently not economical to extract..



How many centuries of rare earth metals do we have left if the world switched to solar panels like China wants us to.

[Anonymous]

OTTAWA – The federal budget watchdog is sounding the alarm about the growing level of net debt being accumulated by Canada's provinces, territories and local governments.



The parliamentary budget office said Tuesday that the combined net debt of Canada's so-called subnational governments — currently at 32.5 per cent of GDP — is projected to rise to more than 200 per cent over the next 75 years.



Story continues below



READ MORE: Debt binge has left Canadians more 'vulnerable' to economic shock: PBO



At that level, debt service payments would reach 11 per cent of gross domestic product, the report warned.



The subnational outlook, which excludes the federal government, has worsened since last year due to increased spending projections for health care and public sector administration, the analysis said.



On the federal side, the office found the sustainability of Ottawa's fiscal outlook had deteriorated compared to 12 months ago

Canadians are the most indebted people in the OECD..



Our growth is on the backs of indebted consumers..



If interest rates rise, this country is in big trouble.

[Anonymous]

OTTAWA – The federal budget watchdog is sounding the alarm about the growing level of net debt being accumulated by Canada's provinces, territories and local governments.



The parliamentary budget office said Tuesday that the combined net debt of Canada's so-called subnational governments — currently at 32.5 per cent of GDP — is projected to rise to more than 200 per cent over the next 75 years.



Story continues below



READ MORE: Debt binge has left Canadians more 'vulnerable' to economic shock: PBO



At that level, debt service payments would reach 11 per cent of gross domestic product, the report warned.



The subnational outlook, which excludes the federal government, has worsened since last year due to increased spending projections for health care and public sector administration, the analysis said.



On the federal side, the office found the sustainability of Ottawa's fiscal outlook had deteriorated compared to 12 months ago

Ontario has the highest sub sovereign debt in the world. Ottawa has been offloading debt onto the provinces for twenty five years.

[Anonymous]

You and Seoul have told him this before, but he doesn't read posts..



But, he gossip about us on other forums..



I don't understand why a sixty year old enjoys being so nasty all the time.

Theres absolutely nothing wrong with a tax break for everyone as long as it does not break the bank.



Australia has shown the proper way to do it.



The USA under Trump is the wrong method.

Joe Canada is in an equally perioulous situation as the US, Australia is only has a surplus because they are selling its mineral wealth heavily to China at discount prices, but this won't last forever, like texan, north sea, and Alberta oil, it will run out sooner than later

If Justine and his ally Notley had not blocked Northern Gateway, Energy East, Petronas LNG and stalled TMX expansion not only would we be in a surplus, we could offer broad based tax relief.

[Anonymous]

OTTAWA – The federal budget watchdog is sounding the alarm about the growing level of net debt being accumulated by Canada's provinces, territories and local governments.



The parliamentary budget office said Tuesday that the combined net debt of Canada's so-called subnational governments — currently at 32.5 per cent of GDP — is projected to rise to more than 200 per cent over the next 75 years.



Story continues below



READ MORE: Debt binge has left Canadians more 'vulnerable' to economic shock: PBO



At that level, debt service payments would reach 11 per cent of gross domestic product, the report warned.



The subnational outlook, which excludes the federal government, has worsened since last year due to increased spending projections for health care and public sector administration, the analysis said.



On the federal side, the office found the sustainability of Ottawa's fiscal outlook had deteriorated compared to 12 months ago

Ignore Joe like everyone else does. He has a bad case of sour grapes because we have all been laid without paying for it and he is still a virgin in his sixties.

[Gaon]

As much as I am a fan of reforming federal income taxes, the provincial equalization formula no longer serves the needs of the nation either. In fact, it holds back economic development.



By Franco Terrazzano of the Canadian Taxpayers Federation



Tackle equalization for taxpayers



Ottawa gave Alberta's struggling energy industry a body blow by passing legislation to ban tankers on the West Coast and make the pipeline approval process virtually impossible. It's tempting to seek retribution. So tempting. But there's a better way for Premier Jason Kenney to stand up for Alberta and strengthen Canada: reform equalization.



The Trudeau government passed the Tanker Ban Bill (Bill C-48) and the No More Major Projects Bill (Bill C-69) at the last minute before it rises for the summer and hits the campaign trail for the fall election.



Both bills have come under fire in Alberta.



"[The Tanker Ban] is a prejudicial attack on Alberta, banning from Canada's northwest coast only one product – bitumen – produced in only one province, Alberta," stated Kenney. "[The No More Major Projects Bill is] leading energy industry groups to say that no future pipeline will ever be proposed under this regime."



These laws are just the latest example of politicians kicking Alberta's resource sector while it's down. Quebec's premier calls Alberta oil "dirty energy." British Columbia's politicians have promised to use "every tool available" to block the Trans Mountain expansion.



Then there's the feds who rejected the Northern Gateway Pipeline, moved the regulatory goal posts on Energy East and showered B.C. with infrastructure money even after the province attempted to block Trans Mountain. After all of these hits to Alberta's industry, it's not surprising that Kenney responded to the passing of the federal No More Major Projects Bill and the Tanker Ban by threatening action on equalization. Not only is Kenney standing up for Alberta taxpayers by taking on equalization, he could also help rejuvenate Canada's bludgeoned resource sector from coast to coast. Through equalization, the federal government transfers money to low-income provinces. It sounds nice, but in reality equalization tempts politicians to make bad decisions such as opposing resource development.



"If a have-not province sees an increase in natural resource revenues, the extra money is largely offset by a reduction in equalization payments," explains the Fraser Institute's Ben Eisen.



We've seen equalization-receiving governments continue to ban resource development.



Under former premier Pauline Marois, Quebec's government imposed a moratorium on shale gas exploration in the St. Lawrence Lowlands. In 2018, the Quebec government announced a series of new measures that would ban hydraulic fracturing province-wide and tighten oil and gas drilling. These limits were imposed despite the existence of up to 36 trillion cubic feet of recoverable natural gas in the St. Lawrence that is estimated to be worth between $68 billion and $186 billion.



Nova Scotia also placed a ban on development which limits most of the province's onshore natural gas resources pegged to be worth between $20 billion and $60 billion.



There are different ways Kenney could improve equalization, but the key to addressing its bad incentives is stopping its growth. The larger the equalization cheque, the more likely politicians are to kibosh development. Kenney should also explore changes that would specifically target equalization's negative impact on resource development.



Taking on equalization may never be a political breeze in Canada, but there are some provinces on the receiving end that are now receptive to change. Both New Brunswick Premier Blaine Higgs and Quebec Premier François Legault have acknowledged that the right path forward for "havenot" provinces is to focus less on equalization and more on growing the economy.



Fixing equalization isn't a silver bullet for our resource sector. But Canadians will be more united in the fight against laws such as the Tanker Ban and the No More Major Projects Bill when we all recognize the need to rely on a growing economy to pay for important services.

Equalization in Canada seems to be all about throwing one province under the bus to buy votes in other provinces.

[Anonymous]

As much as I am a fan of reforming federal income taxes, the provincial equalization formula no longer serves the needs of the nation either. In fact, it holds back economic development.



By Franco Terrazzano of the Canadian Taxpayers Federation



Tackle equalization for taxpayers



Ottawa gave Alberta's struggling energy industry a body blow by passing legislation to ban tankers on the West Coast and make the pipeline approval process virtually impossible. It's tempting to seek retribution. So tempting. But there's a better way for Premier Jason Kenney to stand up for Alberta and strengthen Canada: reform equalization.



The Trudeau government passed the Tanker Ban Bill (Bill C-48) and the No More Major Projects Bill (Bill C-69) at the last minute before it rises for the summer and hits the campaign trail for the fall election.



Both bills have come under fire in Alberta.



"[The Tanker Ban] is a prejudicial attack on Alberta, banning from Canada's northwest coast only one product – bitumen – produced in only one province, Alberta," stated Kenney. "[The No More Major Projects Bill is] leading energy industry groups to say that no future pipeline will ever be proposed under this regime."



These laws are just the latest example of politicians kicking Alberta's resource sector while it's down. Quebec's premier calls Alberta oil "dirty energy." British Columbia's politicians have promised to use "every tool available" to block the Trans Mountain expansion.



Then there's the feds who rejected the Northern Gateway Pipeline, moved the regulatory goal posts on Energy East and showered B.C. with infrastructure money even after the province attempted to block Trans Mountain. After all of these hits to Alberta's industry, it's not surprising that Kenney responded to the passing of the federal No More Major Projects Bill and the Tanker Ban by threatening action on equalization. Not only is Kenney standing up for Alberta taxpayers by taking on equalization, he could also help rejuvenate Canada's bludgeoned resource sector from coast to coast. Through equalization, the federal government transfers money to low-income provinces. It sounds nice, but in reality equalization tempts politicians to make bad decisions such as opposing resource development.



"If a have-not province sees an increase in natural resource revenues, the extra money is largely offset by a reduction in equalization payments," explains the Fraser Institute's Ben Eisen.



We've seen equalization-receiving governments continue to ban resource development.



Under former premier Pauline Marois, Quebec's government imposed a moratorium on shale gas exploration in the St. Lawrence Lowlands. In 2018, the Quebec government announced a series of new measures that would ban hydraulic fracturing province-wide and tighten oil and gas drilling. These limits were imposed despite the existence of up to 36 trillion cubic feet of recoverable natural gas in the St. Lawrence that is estimated to be worth between $68 billion and $186 billion.



Nova Scotia also placed a ban on development which limits most of the province's onshore natural gas resources pegged to be worth between $20 billion and $60 billion.



There are different ways Kenney could improve equalization, but the key to addressing its bad incentives is stopping its growth. The larger the equalization cheque, the more likely politicians are to kibosh development. Kenney should also explore changes that would specifically target equalization's negative impact on resource development.



Taking on equalization may never be a political breeze in Canada, but there are some provinces on the receiving end that are now receptive to change. Both New Brunswick Premier Blaine Higgs and Quebec Premier François Legault have acknowledged that the right path forward for "havenot" provinces is to focus less on equalization and more on growing the economy.



Fixing equalization isn't a silver bullet for our resource sector. But Canadians will be more united in the fight against laws such as the Tanker Ban and the No More Major Projects Bill when we all recognize the need to rely on a growing economy to pay for important services.

Equalization in Canada seems to be all about throwing one province under the bus to buy votes in other provinces.

Alberta and Saskatchewan are discussing holding a joint referendum on equalization if no pipelines are started by some time in 2021.

[Berry Sweet]

This is all interesting to read, but I am so disgusted with politics and their disgusting ways.  I have no faith in yhe system anymore.

[Thiel]

This is all interesting to read, but I am so disgusted with politics and their disgusting ways.  I have no faith in yhe system anymore.

Nor should you. And it is not just our politics that is broken. The whole federation needs reform.

[Berry Sweet]

This is all interesting to read, but I am so disgusted with politics and their disgusting ways.  I have no faith in yhe system anymore.

Nor should you. And it is not just our politics that is broken. The whole federation needs reform.

Oh I know.  All systems are fucked.  Im actually pretty mad about all of it.  I had a freak out session in public the other day, thank god my kid wasnt with me...I cant get into detail about everything going on on my end cause its far too much.  



Im at the end of my rope with a lot of shit.  Being nice or patient is not an option anymore.  Like last time I was in court abouy a month ago, I gave the judge shit 2x...id jad enough...like what are you gonna do motherfucker? Thats right, NOTHING...like the bitch in a robe that ypu are...just sat there like a deer in head lights and said nothing...stupid motherfucker.

[Thiel]

This is all interesting to read, but I am so disgusted with politics and their disgusting ways.  I have no faith in yhe system anymore.

Nor should you. And it is not just our politics that is broken. The whole federation needs reform.

Oh I know.  All systems are fucked.  Im actually pretty mad about all of it.  I had a freak out session in public the other day, thank god my kid wasnt with me...I cant get into detail about everything going on on my end cause its far too much.  



Im at the end of my rope with a lot of shit.  Being nice or patient is not an option anymore.  Like last time I was in court abouy a month ago, I gave the judge shit 2x...id jad enough...like what are you gonna do motherfucker? Thats right, NOTHING...like the bitch in a robe that ypu are...just sat there like a deer in head lights and said nothing...stupid motherfucker.

If you are before a judge, you really are at the end of your rope.

[Anonymous]

This is all interesting to read, but I am so disgusted with politics and their disgusting ways.  I have no faith in yhe system anymore.

Nor should you. And it is not just our politics that is broken. The whole federation needs reform.

Oh I know.  All systems are fucked.  Im actually pretty mad about all of it.  I had a freak out session in public the other day, thank god my kid wasnt with me...I cant get into detail about everything going on on my end cause its far too much.  



Im at the end of my rope with a lot of shit.  Being nice or patient is not an option anymore.  Like last time I was in court abouy a month ago, I gave the judge shit 2x...id jad enough...like what are you gonna do motherfucker? Thats right, NOTHING...like the bitch in a robe that ypu are...just sat there like a deer in head lights and said nothing...stupid motherfucker.

If you are before a judge, you really are at the end of your rope.

She wasn't in court for anything she did Thiel.

[Berry Sweet]

Its a child custody case I was in.  Its not over yet.  But I am at the end of my rope with the entire scene and old, out of date and checked out of reality judges.  It takes years to become the person I now am.  No one will fuck me anymore.  My kid is lucky to have me.