Hypothetical Question for Garth
So, if you do join the Liberal Party of Canada, and the next Federal Budget delivers on Income Splitting for Canadians, how exactly will you vote? For, or against, Income Splitting? Just a question.
On income splitting, I have a thought... maybe I'm just being overly simplistic in my thinking, but couldn't it be done so that only the middle class (and not the upper-middle or upper class) will benefit?
Just make it so that only household incomes below a certain threshold, say $100,000 for example, would qualify. If they want to make it even tighter, make it so that only households that earn a combined $100,000, where the top earner earns a maximum of $80,000, qualify to split their income.
That then rules it out as being a "tax cut for the rich", and targets it to working families. I think the NDP would even have a hard time shooting that one down.
On income splitting, I have a thought... maybe I'm just being overly simplistic in my thinking, but couldn't it be done so that only the middle class (and not the upper-middle or upper class) will benefit?
Just make it so that only household incomes below a certain threshold, say $100,000 for example, would qualify. If they want to make it even tighter, make it so that only households that earn a combined $100,000, where the top earner earns a maximum of $80,000, qualify to split their income.
That then rules it out as being a "tax cut for the rich", and targets it to working families. I think the NDP would even have a hard time shooting that one down.
Labels: Budget, Garth, Income Splitting, Liberal, NDP, tax cuts
posted by Christian Conservative @ 3:35 p.m.
6 Comments:
At Tue Feb 06, 05:47:00 p.m. EST,
Lemon said…
the tax system currently discriminates on the basis of income so - yes it could be applied to certain incomes.
But income aint income equally.
A teacher in Toronto is paid the same as a teacher in Thunder Bay.
$50,000 in Toronto aint $50 k in TB.
So arbitrary income thresholds is prejudicial on a geographic basis.
At Wed Feb 07, 07:30:00 a.m. EST,
Shawn Abigail said…
Well leaving aside what might need to be done to make income splitting acceptable to the left-leaning masses, I need to ask the question, what's wrong with being rich?
The rich are not some resource to be milked. For the most part, the rich didn't get their money through crime (if they had, they wouldn't worry about income tax).
A tax on income is taxing what people are currently earning, and if someone has a high income, chance are he spent a lot of time in school and works very long and hard for his money.
Sorry, but I just can't get my head around the idea that a family with a single income earner making $150K is somehow less deserving of a break than a family with two income earners each making $75K.
At Wed Feb 07, 12:39:00 p.m. EST,
Rileysowner said…
I am personally hoping that Income splitting will be in this budget. We are the sort of family that would benefit greatly from it. My wife is a stay home mom who home schools, and I am the only income earner. While not poor, taxes take a big chunk out of what I earn and being able to split that and move down a tax bracket or two would be great allowing me to perhaps save more money or invest which I simply cannot do right now and still pay the necessary bills.
At Wed Feb 07, 05:41:00 p.m. EST,
Shawn Abigail said…
Continuing on my previous thought, and replying to nobody in particular... we're on one income, and I paid about $40K in taxes last year. I would be very happy to see some sort of income splitting. The savings would be used to pay down debt, save for my children's education, and increase my charitable giving (and none of it would go to beer and popcorn).
Yes, I have a good income, but I do resent the implication that if a two income family has this level of income they are somehow more deserving of it than a family like mine.
At Wed Feb 07, 05:53:00 p.m. EST,
Christian Conservative said…
Thought you might reply Shawn. ;-)
I agree with you wholeheartedly, and think that income splitting should ESPECIALLY apply to people like you and your family.
I personally think that it should be open to all familes, but in a minority situation, I was just thinking of a way to make it more palitable to the left... who you know are going to scream and shout "no tax cuts for the rich!!!"
(ironicly enough, it would end up helping more Liberals and Dippers than Tories... they're the parties of the rich these days)
At Wed Feb 07, 06:00:00 p.m. EST,
Christian Conservative said…
And come on, be honest... some of that would invariably end up going to popcorn. ;-)
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