Federal Budget 2024 megathread
- Thread starter CBH99
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We pretty much have already seen it since they slow rolled it the last two weeks
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We saw everything they think are the good parts. The tax hikes get announced tomorrow.
Pretty sure they telegraphed that already but yeah, no specifics
Brad Sallows
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Might as well do all the things likely to piss off voters if they think there's nothing they can do to win, and dare the next government to undo any of it.
Depending on who they aim to tax, and who isn’t caught by it, it might bump them a bit. In an upcoming election where affordability is a big issue, putting the have-nots versus the haves and talk of ‘taxing the rich’ doesn’t necessarily hurt them when all the sentiment nets out. The devil will be in the details.
Looks like a tax on those that earn over 300k
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Gave the budget a thread of its own as I suspect it will spur huge discussion.
daftandbarmy
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Which will likely represent an epic 'own goal'...
Budget 2024 'likely to be the worst' in decades, former BoC governor says
"I think there is a very real possibility that they'll do exactly the wrong thing and tax the very folks and the very corporations that are going to make the investments that will actually raise income over time."
Budget 2024 'likely to be the worst' in decades, former BoC governor says
Without having seen it, former Bank of Canada governor David Dodge believes that Tuesday's 2024 federal budget from Deputy Prime Minister and Finance Minister Chrystia Freeland is 'likely to be the worst budget' in decades.
Brad Sallows
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Yes, it's tax the rich - top 1% was mentioned. This is wise because the very rich have no alternatives but to stand still and be taxed, as has been shown repeatedly everywhere someone tries to tax the rich.
How much of the deficit gap is supposed to be closed?
[Add: "windfall" taxes on corporations aren't taxes limited to the very rich; they're taxes on employees, shareholders, and capital improvements.]
How much of the deficit gap is supposed to be closed?
[Add: "windfall" taxes on corporations aren't taxes limited to the very rich; they're taxes on employees, shareholders, and capital improvements.]
daftandbarmy
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Well, there's a reason alot of big businesses (and capital) are fleeing Canada and heading elsewhere, like the US...
All Canadian provinces now languish in bottom half of North American economic freedom rankings Nov. 09, 2023
For the first time, every Canadian province ranks in the bottom half of jurisdictions in our annual rankings of economic freedom in North America, finds a new report released today by the Fraser Institute, an independent, non-partisan, public policy think-tank. Economic freedom—the ability of individuals to make their own economic decisions about what to buy, where to work and whether to start a business—remains fundamental to prosperity.
The report has two indexes: a sub-national index which measures restrictions on freedom at the province/state and local level and an all government index which adds federal restrictions. The trajectory of economic freedom in Canada could lead to weakness in economic growth and prosperity in the years ahead,” said Fred McMahon, the Dr. Michael A. Walker Research Chair in Economic Freedom at the Fraser Institute and co-author of this year’s Economic Freedom of North America report, which measures government spending, taxation and labour market restrictions using data from 2021 (the latest year of available comparable data).
“Since 2014, all Canadian provinces have suffered significant declines in economic freedom at the all-government level, while a majority of provinces also suffered declines at the subnational level,” McMahon added.
https://www.fraserinstitute.org/sit...freedom-of-north-america-2023-newsrelease.pdf
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Anything bad will come into effect almost immediately.
Anything good won't start until after 2015.
Anything good won't start until after 2015.
ArmyRick
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The LPC budget smacks of several "good idea fairies" drunk out of their mind, randomly throwing together half baked ideas. And then somehow still screwing them up.
I wouldn't be surprised if lets say they say 10 Billion for housing equals 8 billion for more government employees to oversee it, consultants fees, taxes on their spending, made up fees, a little extra surcharge for liberal friendly municipal politics and the like the rest actually going towards housing with NO oversight.
Then months later in inquiry have everyone shrug their shoulders when asked why they boondoggled it so badly.
I wouldn't be surprised if lets say they say 10 Billion for housing equals 8 billion for more government employees to oversee it, consultants fees, taxes on their spending, made up fees, a little extra surcharge for liberal friendly municipal politics and the like the rest actually going towards housing with NO oversight.
Then months later in inquiry have everyone shrug their shoulders when asked why they boondoggled it so badly.
Quirky
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We just haven't tried the right blend of socialism yet. I sometimes wonder who would actually want to take control of this train wreck? Canada seems incapable of a long-term strategy because everyone just wants free shit yesterday. The government is stealing plenty of my money to redistribute it to those who are worse off, but there's no way they are handing out enough of money to help the lower income, so they are completely obliterated and something must be going to shift here soon to get them properly radicalized against this horse shit. Food is no longer affordable for the poor whether it's groceries of any type or restaurant and fast-food, I don't see how poor people aren't rioting in the streets. Like Mr. O'Leary said, "Canada is run by complete idiots, Trudeau is the worst manager Canadas ever had, total and complete incompetency from the top down."
If the CPC win and do what they should to fix the country (cut regulation, reduce immigration, reduce taxation, absolutely gut spending) they'll be lucky to last 4 years. Gen pop is inept with finances in their own household, they see nothing wrong with Liberal spending. It’s only when their own pocket book is affected that they pull their head out of their ass and look for someone to blame.
Dale Denton
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The richest are already insulated from the majority of potential new tax measures. They should pay a fair share; tax the rich. You think the Irvings/Loblaws/etc.. are gonna pack up and move somewhere else with more competition vs staying home where they've already eliminated most of their competition? And if they did to avoid taxes then good - lets Naval Group the **** out of their yards and own stake in it with the Koreans.
This budget is a start in the right direction but its too late to undo the poll numbers. Maybe if Justin anounced his retirement and named Freeland the interim leader it may redirect the narrative from the Justin hate to whose got the best idea to build homes and improve CoL.
Quirky
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Rates are at historic lows, Glen.
OldSolduer
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IF the rich are taxed and the corporation taxed is raised significantly the rich will move and the corporations will find another country to invest in.
Then when that happens Jagmeet (the defacto PM) and the pretend PM JT will both lose their minds at those evil rich people, despite both of them being wealthy themselves. They will form a commission and once again berate Galen Weston and Bell Canada. And Rogers. And the Toronto Maple Leafs for their miserable performance in the last few playoff seasons.
Hypocrisy at its best.
Then when that happens Jagmeet (the defacto PM) and the pretend PM JT will both lose their minds at those evil rich people, despite both of them being wealthy themselves. They will form a commission and once again berate Galen Weston and Bell Canada. And Rogers. And the Toronto Maple Leafs for their miserable performance in the last few playoff seasons.
Hypocrisy at its best.
Brad Sallows
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How much of total federal income tax revenue is a "fair" share? If, say, the top 20% of income earners were paying 50% of the total federal income tax take, would that be enough?
OldSolduer
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Who decides who is rich? Jagmeet? JT or a consortium of wealthy elites who happen to have all their money in foreign accounts?
Go ahead tax the rich and they will find a different country to reside. Then you can lower the bar a bit and tax the hell out of those who can't affoed to move.
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Trudeau and Singh will not pass any measure that includes them paying more tax on their fortunes. Rest assured, if they don't pay more, neither will the rest of the 1%. More liberal lies and bullshit to appease those that are $200 away from insolvency. Bullshit and lies that have zero tangible effect on the 1%.
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