Why the Liberals’ plan to overhaul the federal government’s tax system will make you mad

Why the Liberals’ plan to overhaul the federal government’s tax system will make you mad

August 10, 2021 Comments Off on Why the Liberals’ plan to overhaul the federal government’s tax system will make you mad By admin

There’s been a lot of talk about how the Liberals plan to reform the tax system.

They’re talking about eliminating the tax brackets, lowering the threshold, lowering tax rates, simplifying deductions and exemptions, simplifications of the tax code, eliminating tax brackets and lowering rates.

All these are great things, but some of them will make the rich richer.

The plan is supposed to be revenue neutral, meaning it’s not about raising revenue or cutting taxes for the wealthy.

“It’s a tax-cutting, trickle-down agenda that has a number of goodies for the rich,” says NDP leader Tom Mulcair.

NDP tax critic Peter Julian says the plan is really about getting rich at the expense of middle-class families and young people.

“I think it’s an extremely regressive, regressive tax plan that’s going to make the middle class richer, not the rich.”

What’s a regressive?

A regressive is a tax system that raises taxes on the poor, middle class and the wealthy at the same time as reducing the taxes of other Canadians.

That means that a tax that increases the income of one group of Canadians at the cost of the other group gets raised by the rich while raising taxes on everyone else.

A regression is when taxes on one group raise taxes on other Canadians while raising no taxes on anyone else.

Regression is also a very bad way to make things fair.

“There are a lot more regressive ways to go about things,” Julian says.

“What we’re going to see is the Liberals trying to find a way to reduce the tax burden for a small number of Canadians while still lowering taxes on all Canadians.”

What does that mean for the middle-income Canadians who will see their taxes rise?

Under the plan, the top bracket would be reduced from 39 per cent to 28 per cent, with a 10 per cent marginal tax rate on earnings over $200,000.

In addition, the lower bracket would drop to 12.5 per cent from 14.75 per cent.

In order to make up the lost revenue, the Liberals are cutting the corporate tax rate to 15 per cent and eliminating the income splitting provisions for most families.

They are also changing the personal income tax rate for all income earners to 15.5 cents per dollar of disposable income.

What about the middle and upper middle classes?

The middle class, including those who earn more than $100,000, would see their income tax bill reduced by $15,000 in 2019-20.

The upper middle class would see a reduction of $16,000 or $18,000 for 2019-2020.

Julian says that the middle middle class is a really important constituency in terms of voting behaviour.

“That’s a big group that the Liberals have not really focused on, so they’re going on to a big middle class group,” he says.

How will the middle tax cuts affect the middle income Canadians?

In 2019-21, the middle bracket would remain at 39 per% for those earning more than about $180,000 and the top tax rate would drop from 15 per to 13.5%.

Julian says there will be no change to the marginal tax rates.

However, middle earners will pay more in taxes.

“The rich are going to get a massive tax cut because they’re making so much money,” Julian said.

“But what they’re doing is paying less tax.

They actually pay less in taxes.”

What about low-income earners?

The plan would eliminate the individual income tax deduction and income splitting for low- and middle-wage earners.

The federal income tax will also be reduced by 10 percent to 25 per cent for those with incomes between $45,000 to $85,000 annually.

Julian also says the Liberals will lower the income tax bracket for the working poor.

He says that will help low-wage workers but not the middle or upper middle-classes.

The Liberals plan also has a big impact on the middle classes.

It will mean that many middle- and lower-income people will see a tax cut.

“They’re going from paying more in tax, to paying less in tax,” Julian explains.

“So what that means is that you’re going into a lower tax bracket, but you’re also paying more taxes.”

But what about middle- or lower-class Canadians who are eligible for tax relief?

Julian says most middle- to lower-middle-class people who are on the tax rolls will get tax relief.

Julian notes that the wealthy have already paid their share of taxes.

However the middle, middle and lower classes don’t have access to tax relief because of their lower income.

In 2019, Julian says about 90 per cent of low- to middle-skilled workers would see tax relief under the Liberals proposal.

Julian is also worried about the tax relief that middle-to-low-skilled people will get.

“We know that a lot (of tax breaks) are being passed to people who don’t need them

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