The federal 'Conservative' government tabled their new budget yesterday and it, unsurprisingly, favors the rich at the cost of the poor.
Of the three tax brackets, only the lowest-income group see a tax increase in this budget (from 15% to 15.5%). On the other hand, rich individuals and corporations see the elimination of the "federal capital tax" which only applied to "taxable capital in excess of $50 million". There's also a more than 9% reduction in the "general corporate income tax rate over the next four years (from 21% to 19%). Companies also will have access to new tax credits.
There's a bunch of new/expanded spending on military and border security, while some other government areas will see budget cuts (and, undoubtedly, layoffs of workers).
They're throwing money at the so-called "child-care benefit" with a flat amount ($1200) per child under the age of six. That includes for families that are rich and don't need support, and isn't enough for low-income families that don't have enough. Keep in mind the statistic from a couple years ago (I haven't heard the most recent numbers) that 20% of children in Calgary are living below the poverty line - that's about 1 in 5.
Wednesday, May 3, 2006
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