The fact that the poorest 20% in Canada haven't budged at all in their share of total income should be enough of a shame-inducer to merit concerted action on the part of our government to do more for them.Of course, that would require Paul Martin to actually grow a soul to go with his fiscal coal of a heart.
(edit to discuss article a bit)
quote:
"Something is happening during this recovery of the '90s that is different from Canada's experience of the '80s," said Skuterud. "It looks more like what happened in the U.S. through the '80s."
This is not surprising. We have been doing on a more modest scale what first happened during Reagan's time. It is to be recalled that we have generally had higher capital gains taxes (until recently, anyway) than the USA; as well, our stronger welfare state back in the 1980s staved off the worst effects of the Mulroneyite tax law changes. Additionally, since even though the federal top marginal rate went down to 29%, provinces got to levy income tax as a percent of federal tax paid, so the true effective top marginal rate was still about 50%, which it was set to in 1981.
Now, however, we have reversed the cap-gains scenario so the inclusion percentage is a generous 50%, in effect favoring people who reap large capital gains because as far as the government's concerned, half the cap gain isn't even there and the remainder is taxed as income.
As well, the Martinite changes to the social safety net have brought us down to the American level of a grudging, Philistinic attitude towards social supports, and this is reflected in American-style extremes beginning to form in our society.
quote:
"The manufacturers are creating a super high luxury market - cars over 300 grand - that didn't exist before, with the Maybach and the Phantom and the new Bentley. So somebody thinks that market is there, that these earners are going to be around."
Helloooooooooo, Second Gilded Age!
[ 13 May 2003: Message edited by: DrConway ]
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posted 13 May 2003 12:09 PM
