September Poll

Do you believe the top federal tax rate should rise above 33% on income over $216,511 to help pay down the debt? Please explain.

Comments


I think the wealthiest in our population should be the ones who pay a larger share or a one time 1%.  With the costs of everything going up we do not want to be increasing taxes on the middle income earners who are and will continue to be the ones who spend and invest their money here in Canada.  Our role should be to help them pay the least tax legally allowed.

By marilyn kenny on September 19, 2021


Nope! First of all, taxes has no legal basis!
Also, the more money a person makes, the more resources they have to “skip” the extra taxes anyhow, so instead of getting more income in taxes, there would be less! I make sure my clients pay the less possible taxes as they ware wasted anyhow. The legal way!

By Veronique Dewilde on September 18, 2021


I believe that we all need to work together. Our taxes are our responsibility. Live within your means. We have always had enough of what we need and been able to save as well. Sure buying some things we like is fun, but before buying it. Ask yourself the question, will I really use this, often the answer is no. We all have those items in our house that on garage clean out day, those items go in the donation pile. What a waste of money. Buy smart, a hard lesson to learn I know first hand.

By Karen on September 18, 2021


Goverments never pay back debt.  They either default or grow out of it (with rising GDP, the Debt compared to GDP declines).  This is what Canada and US did with WWII debt.  The UK raised tax rates with the labour government and it took a long time for the economy to recover.

The other problem is that rising tax rates is not a sure way of the government collecting more money.  If tax rates are low enough, this can happen.  However, we have high tax rates and governments have found out that raising rates never give them the money they expect.  Sometimes the amount of tax they collect goes down.

By Susan Brunner on September 16, 2021


No. Unfortunately our government won’t use the funds to pay down debt. Governments almost never pay down debt. Any extra revenue generated will only be used by politicians to justify additional borrowing and spending. It’s a positive feedback loop for politicians. The more they raise, the more they borrow.

By David Weinstein on September 16, 2021


We should encourage and incentivize people who can make money cz they can create jobs and we all prosper. Overreach of government especially in taxation historically has never ended well!

By Roger Brennan on September 10, 2021


No, I have a fundamental issue with tax rates that exceed more than half of additional dollars earned (once provincial taxes are added). No tax bracket should be more than 50%.

By Gwyneth James on September 09, 2021


The threshold when the top rate kicks in should be raised but not the rate. Raising tax rates usually nets less tax not more.

By Terry on September 09, 2021


Yes I do.

By Marilyn Minkler on September 09, 2021


there should be a level minimum tax on all tax payers who have over $45,000 of gross earned income, and no tax for those under $45,000 of gross income.  This would get rid of a lot of bureaucratic administration that cost Canadians 10’s of million dollars that can be better spent in other important areas, and eliminate having to qualify for benefits, as they would have the extra tax saved income for things like child care and food

By Robert White on September 09, 2021


The taxes in Canada are already too high.  We cannot alleviate that by increasing taxes!  Generally it is the prosperous who are able to provide for the employment and well-being of the less prosperous.  If the government should make it less desirable to create wealth, they will go elsewhere and we will be worse off than before.  I agree with one of the respondents that taxes could actually be decreased to encourage more business minded people to move here.

By Robert A Litschel on September 09, 2021


Taxes should be lowered, and lowered significantly, not raised.  Suing China and forcing them to pay for damages and reparations with regard to the Corona virus will go a long way to lower our debt.

By Mike and Karen Nunns on September 09, 2021


I disagree with it, because of government is enough to collect taxes from Taxpayer. Government should reduce the payment of refugees beneficial and other benefits.

By Kirtikumar Patel on September 09, 2021


Covid has badly injured our economy, but the stock market is rising.  We do not need to increase tax on middle income people.  If it is applied to high income people, with over $10,000,000 income per year, that income must repeat for over 3 years, or it will often just catch those with a single large income, like the person who gets a large capital gain from a real estate sale.

By Ed Collis on September 09, 2021


The top rate already is high enough! My husband worked for the government for a short time and was astounded by the waste. I say start there.

By Katrina Patterson on September 09, 2021


I do not agree as everything already has taxes on top of it.  The government should look at how government officials spend tax payers money, and should only spend wisely to the necessaries especially this pandemic time. Also government should go after those wealthy people who are tax evaders and government officials who splurge on spending tax payers money on there a
account ,who does not really report their earnings. It is unfair for the common people who are earning less and paying their taxes diligently.

By Cherrylaine Sendin on September 03, 2021


Well, if the “government” had not gone crazy throwing money at anyone who asked for it, the debt would not be so bad, but I suppose that if you want to buy votes it is easier with taxpayer money, but it it even more obvious now that it was when CERB was first announced that no thought had gone into it and even less thought had gone into how to pay for it. If you penalize people for being successful, they will go and be successful somewhere other than Canada. Successful people should not be punished because they know how to be successful. 33% Federal tax is high enough when the Provincial tax is added on. It would, of course, be a typical Liberal and NDP strategy; burn and destroy and then get the taxpayers to pay the bill. And we had better get ready for more of the same, because we are going to be stuck with the current moron for another four years. Who knows what damage he and his clowns will inflict upon us?

By Mitzi-Lynne Morgan on September 02, 2021


I agree, that the government should stop its careless spending and corruption and stop sucking the blood from taxpayers

By Bob Kelley on September 02, 2021


I just saw that the Liberal Party has costed their platform at $78M in new spending.  How much would the top tax rate need to increase to cover that?  If spending rises, how can any tax increase be touted as for paying down debt?  There’s a need to stop digging further into debt (I.e. a cash flow plan or spending plan) before worrying about debt management.  This is one of the first factors our team addresses in dealing with family finances.

I’ve also seen that, after transfers, about half of Canadians pay no net taxes.  How does increasing the burden on a few help? 

The government introduced a luxury tax…not necessarily a bad thing, but on boats it starts at $250,000.  Considering that one could consider any personal watercraft a luxury, how does this make sense?  How many boats are sold in Canada at that price point in the first place?

I did 13 years time in the federal government.  Part of the reason I left was being incredibly frustrated with wanton spending of money which ultimately comes from taxpayers.  Perhaps the decision makers need to spend more time comparing to their own personal budgets before spending the money taken from other citizens.

By Derek T on September 02, 2021


Given more than 30% of our population pay no income taxes at all, I do not feel saddling a small group of tax payers with more responsibility of tax payment. I fear we kill the goose that is laying gold eggs. Eventually those paying the majority of taxes move on and leave the rest of us to pick up the bill.

By T on September 01, 2021


No I don’t. Our top marginal tax rate in BC is already in excess of 53%. Then we pay tax on everything we buy to boot.

Time to reduce government spending, eliminate subsidizing Corporations, stop handing out money to other countries, stop buying off the media, reduce the size of government.

By Allan Johnson on September 01, 2021


No, I think the government should cut unnecessary spending, lending billions to China, funding international ideological projects when we can’t assure our own citizens of housing and income.  Taking money from taxpayers to cover government ineptitudes and corruptions only exacerbates the problem.  We already have a debt load that our great-grandchildren are going to be paying off.  The only way to get out of debt is to stop spending money.

By Sarah Moss on September 01, 2021


We need to stop punishing individuals for being successful. Gov’t needs to stop playing Robin Hood and find ways to assist families to improve their position rather than forcing equality at the hands of others.

By Vincent Crosby on September 01, 2021


Higher incomes over 400,000 should pay more. 
 

By Pat Morton on September 01, 2021


Income tax rates DO NOT need to go up. What needs to happen is (1) the government needs to understand that deficit spending is a transfer of wealth from future generations to the current generation (2) to resolve deficit spending AND to address wealth inequality issues we need to look closely at inter-generational wealth transfers. In other words there needs to be a death tax and limits on how much wealth can be transferred between generations (3) government need to stop empire building and understand they do not need to try and solve every societal problem. Government has become a cancer on economic development. Government is addicted to tax revenue like a crack addict is addicted to crack. It needs to stop. (4) Government needs to learn to live within its means. (5) We should revisit the salary, benefits and perks politicians receive and motivate politicians to be performance driven.

By Christopher Hatherly on September 01, 2021


While tax rates should continue to be applied progressively on increasing incomes, and there is room for some increases, we need to be mindful to balance this with expenditures, allocations back to provinces and debt servicing. Most important, in my mind, is balancing progressive tax rates so as to maximize tax revenue but not to induce a flight of capital to other jurisdictions. Capital continues to be very mobile.

By Allan Jacks on September 01, 2021


Taxes are already high enough we need bureaucratic renewal and far less politicians taking on pet projects!

By Michael Silicz on September 01, 2021


Absolutely!

By Ludmila Kozak on September 01, 2021