[Newsbot]

Title: Why Canada might need a temporary COVID-19 tax and repayment fund
Category: Misc CDN
Posted By: Freakinoldguy
Date: 2020-06-12 16:35:41
Canadian

[Freakinoldguy]

And here it comes.

When it comes to the Federal gov't the term "temporary" apparently means forever. I can't remember an instance during my lifetime that the Federal gov't cancelled a tax that had already been imposed. So, if introduced and passed I don't expect this Covid 19 tax to be any different from the biggest temporary tax in Canadian history, the "Income War Tax Act of 1917" which we're still paying over a hundred years later.

https://www.rcinet.ca/en/2017/07/25/can ... orary-tax/

[Strutz]

Freakinoldguy Freakinoldguy:

And here it comes.

I've been anticipating this as well.

In one form or another they will want to recoup all those payouts.

I can't see them increasing GST/HST% but I can see them implementing a general income tax increase and it won't be "temporary".

[Thanos]

Had to happen. It's either that or engage in spending cuts on an economy that's already teetering on the brink. Tax hikes will be bad but austerity would be even worse.

[FieryVulpine]

Thanos Thanos:

Had to happen. It's either that or engage in spending cuts on an economy that's already teetering on the brink. Tax hikes will be bad but austerity would be even worse.

It will probably be both in the end. Canada's economy policy was to spend, spend, spend during times of prosperity and said prosperity hinged on the economy never entering a recession. Something that is ridiculous because economies are cyclical in nature, but this central portion of this country wanted to go on a spending binge that dwarfed Albertans during the oil boom. Austerity is inevitable because of out leaders' live for the now attitude..

[Thanos]

If they do austerity in the way Ralph Klein, Jean Chretien, or David Cameron practiced it then they'll be slamming the economic doors shut for an entire generation. There'll be no recovery of any worth until the Millenials are in their fifties. Austerity is ALWAYS wrong but it can always be made that much worse by engaging in it at the worst time possible. COVID and the oil collapse created a situation almost as bad as the Great Depression. Spending will ameliorate some of the worst effects but program cuts and the governments retreating from their involvement in the overall economy will be a death knell.

[Freakinoldguy]

Well, if they up the ante and raise taxes while cutting services there's just one question.

After the Covid 19 debacle, current political unrest, potentially forthcoming economic collapse and the continued commitment by all levels of government to tax the middle class into oblivion, just who the fuck do they expect to pay these tax increases because you know it won't be their financial benefactors in the corporate world?

So, the few middle class people with decent jobs who will be left can't possibly make up the shortfall from all the others who will now need to be on the receiving end of our social safety net.

I'm sorry but, no matter how this plays out, if for any reason we can't defer or make the payments on the interest we're accruing at a rate that makes the great depression look like a Roman Holiday we're going to be in a world of hurt.

[Public_Domain]

[CDN_PATRIOT]

Public_Domain Public_Domain:

if society needs money, get it from those getting rich off the back of that society

For once I agree with you.

The top 1% of Canadian society should be the only ones paying this proposed new tax, as they can readily afford it, unlike the rest of us. We're already over taxed to the point of mental breakdowns in this country as it is.


-J.