Posted on Jan 19, 2019
Canada's Laffer Curve Lesson: Government Collects Less Revenue from High-Income Earners after...
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https://fee.org/articles/canadas-laffer-curve-lesson-government-collects-less-revenue-from-high-income-earners-after-trudeau-tax-hike/
LTC (Join to see) was nice to send this too me.
The recent la loca congresswoman Ocasio Cortez desires to tax the rich at the 70% rate for those who make over 10 million dollars. Others like Hawaiian congresswoman Tulsi Gabbard are also on board. She is thinking of running for president and so is Senator Elizabeth Warren. No Democrat wants to go over these figures because it will go against their agenda. Canada is the Spain of testing liberal ideas. 3 provinces want to fight the carbon tax against the federal government. Canada thinks it can change the world when they put out 3% of the pollution. Carbon taxes and cap-and-trade are being tested in Canada and it is not working unless you the government wants to take the money. You claim it's Revenue neutral but then many of us won't qualify because we make too much money. I'm getting off topic but like I said Canada is the liberal Spain of liberal ideas and I just wanted to let you know along with Lieutenant Colonel Martin that's not what it's cracked up to be. You may see this on Fox news but you won't see it on the other networks because it goes against their leftist agenda.
LTC (Join to see) was nice to send this too me.
The recent la loca congresswoman Ocasio Cortez desires to tax the rich at the 70% rate for those who make over 10 million dollars. Others like Hawaiian congresswoman Tulsi Gabbard are also on board. She is thinking of running for president and so is Senator Elizabeth Warren. No Democrat wants to go over these figures because it will go against their agenda. Canada is the Spain of testing liberal ideas. 3 provinces want to fight the carbon tax against the federal government. Canada thinks it can change the world when they put out 3% of the pollution. Carbon taxes and cap-and-trade are being tested in Canada and it is not working unless you the government wants to take the money. You claim it's Revenue neutral but then many of us won't qualify because we make too much money. I'm getting off topic but like I said Canada is the liberal Spain of liberal ideas and I just wanted to let you know along with Lieutenant Colonel Martin that's not what it's cracked up to be. You may see this on Fox news but you won't see it on the other networks because it goes against their leftist agenda.
Taxes
Democrats
Canada
Budget
Economy
Edited >1 y ago
Posted >1 y ago
Responses: 6
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It's not like these things haven't been tried before. The problem is that we elect wilfully ignorant people who believe that good intentions trump reality
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1stSgt Nelson Kerr
It was tried before and worked pretty dammed well for the late thirties until the 80s
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MCPO Roger Collins
LTC (Join to see) History dot com excerpt, read the last part.
“By the end of the 1930s, the New Deal had come to an end. Growing Congressional opposition made it difficult for President Roosevelt to introduce new programs. At the same time, as the threat of war loomed on the horizon, the president turned his attention away from domestic politics. In December 1941, the Japanese bombed Pearl Harbor and the U.S. entered World War II. The war effort stimulated American industry and the Great Depression was over.”
“By the end of the 1930s, the New Deal had come to an end. Growing Congressional opposition made it difficult for President Roosevelt to introduce new programs. At the same time, as the threat of war loomed on the horizon, the president turned his attention away from domestic politics. In December 1941, the Japanese bombed Pearl Harbor and the U.S. entered World War II. The war effort stimulated American industry and the Great Depression was over.”
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The Laffer Curve which Paul Ruan and other tax cutting Conservatives pride themselves on also suggested tax cuts would increase economic revenue and jobs as businesses invest more money back into workers and workers would invest more money back into the economy. That never happens.
Anyone find it interesting the article didn’t explain why revenue of taxpayers making more than $140k went down? One more thing, the 33% top tax rate in Canada isn’t a 33% marginal tax rate. This is an argument against the top tax bracket paying more in taxes than the lower income brackets. Furthermore it’s further exemplifies how the top 1% uses tax loopholes to reduce their reportable income to avoid the 33% rate.
“It’s quite possible, as noted in the article, that some of the foregone revenue might be the result of one-time changes, such as upper-income taxpayers shifting income from 2016 to 2015 (rich people do have considerable control over the timing, level, and composition of their income).”
Our own US history has shown how high taxation of the marginal tax rate can generate significant revenue without impacting the livelihood of each tax bracket. Even Conservative economists have acknowledged this history.
https://www.mileiq.com/en-ca/blog/2018-canada-tax-brackets-rates/
Anyone find it interesting the article didn’t explain why revenue of taxpayers making more than $140k went down? One more thing, the 33% top tax rate in Canada isn’t a 33% marginal tax rate. This is an argument against the top tax bracket paying more in taxes than the lower income brackets. Furthermore it’s further exemplifies how the top 1% uses tax loopholes to reduce their reportable income to avoid the 33% rate.
“It’s quite possible, as noted in the article, that some of the foregone revenue might be the result of one-time changes, such as upper-income taxpayers shifting income from 2016 to 2015 (rich people do have considerable control over the timing, level, and composition of their income).”
Our own US history has shown how high taxation of the marginal tax rate can generate significant revenue without impacting the livelihood of each tax bracket. Even Conservative economists have acknowledged this history.
https://www.mileiq.com/en-ca/blog/2018-canada-tax-brackets-rates/
The New 2018 Canada Income Tax Rates and Brackets
The Canada tax system can be complex. Here's a list of the 2017 Canada tax rates, tax brackets and deductions you can take to lower your bill.
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The more money you have the more you can afford accoutants to find all the loopholes to save you from paying taxes. This will probably never change unless the tax code is rewritten to eliminate all loopholes and the odds of that are somewhere between slim and none.
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