Carney's "middle class" tax cut and Poilievre's "tax cut for workers" would both give bigger benefit to Galen Weston than a $60,000 a year worker. Both seem...sneaky.
Please explain. I haven’t calculated my own taxes since I became partially sighted and can’t tell a zero from an 8 so maybe things have changed. I thought the first level was the same income amount and percentage tax rate for everyone, so everyone would reap the same total benefit from a 1% discount on the first level, except for people who made less than that. I heard figures of $460-$840 ish. Everyone declaring an income above that first level and second or third levels as last year would pay the same percentage as last year on those portions of their declared incomes. Carney’s cut would benefit anyone paying taxes but no further decrease for declarable income above that.
However, Poilievre said nothing about levels in his tax cut announcement on Sunday, but just that everyone would get a $2.25 tax cut. Let me say that 2.25% is a whole lot less benefit for someone declaring $20,000 than for someone declaring $2,000,000. Just add 3 zeros.
Both cuts are structural exactly the same. Both cut the rate on the first bracket (1 point and 2.25 pts) and therefore become maximized at the top of that bracket, at a taxable income of $57,375. For both, everyone above that level right up to the highest earning person therefore receives that maximum benefit. For neither is there any cap on the benefit.
So when you say “On Sunday, Carney pledged a one point tax cut to the first income bracket, a cut he claimed was “for the middle class” but which would deliver the maximum benefit to billionaire families and million-dollar investment bankers and absolutely nothing for almost 10 million tax filers.” I misunderstood because I read that as meaning the $M and $B earners would get more benefit. They will get the same dollar benefit as anyone else who earns up to the first bracket. I guess what I would like to know is what percentage will they still be paying on the higher brackets? Will they be paying additionally more taxes on each dollar the higher the bracket? Would it help lower income families more to increase the personal and dependents deductions? I don’t know how people paying taxes only up to $57,xxx manage if they are also paying rent or mortgages.
Please NDP go after Pierre and the Tories. Take votes away from them instead. I prefer to avoid vote splitting as seen in the recent Ontario provincial election.
Please explain. I haven’t calculated my own taxes since I became partially sighted and can’t tell a zero from an 8 so maybe things have changed. I thought the first level was the same income amount and percentage tax rate for everyone, so everyone would reap the same total benefit from a 1% discount on the first level, except for people who made less than that. I heard figures of $460-$840 ish. Everyone declaring an income above that first level and second or third levels as last year would pay the same percentage as last year on those portions of their declared incomes. Carney’s cut would benefit anyone paying taxes but no further decrease for declarable income above that.
However, Poilievre said nothing about levels in his tax cut announcement on Sunday, but just that everyone would get a $2.25 tax cut. Let me say that 2.25% is a whole lot less benefit for someone declaring $20,000 than for someone declaring $2,000,000. Just add 3 zeros.
Both cuts are structural exactly the same. Both cut the rate on the first bracket (1 point and 2.25 pts) and therefore become maximized at the top of that bracket, at a taxable income of $57,375. For both, everyone above that level right up to the highest earning person therefore receives that maximum benefit. For neither is there any cap on the benefit.
So when you say “On Sunday, Carney pledged a one point tax cut to the first income bracket, a cut he claimed was “for the middle class” but which would deliver the maximum benefit to billionaire families and million-dollar investment bankers and absolutely nothing for almost 10 million tax filers.” I misunderstood because I read that as meaning the $M and $B earners would get more benefit. They will get the same dollar benefit as anyone else who earns up to the first bracket. I guess what I would like to know is what percentage will they still be paying on the higher brackets? Will they be paying additionally more taxes on each dollar the higher the bracket? Would it help lower income families more to increase the personal and dependents deductions? I don’t know how people paying taxes only up to $57,xxx manage if they are also paying rent or mortgages.
Please NDP go after Pierre and the Tories. Take votes away from them instead. I prefer to avoid vote splitting as seen in the recent Ontario provincial election.
Merci