{"id":216,"date":"2007-10-31T15:06:06","date_gmt":"2007-10-31T15:06:06","guid":{"rendered":"http:\/\/blog.hotpepper.ca\/archives\/2007\/10\/2007-conservative-tax-plan\/"},"modified":"2020-04-03T13:56:33","modified_gmt":"2020-04-03T19:56:33","slug":"2007-conservative-tax-plan","status":"publish","type":"post","link":"https:\/\/siever.ca\/kim\/2007\/10\/31\/2007-conservative-tax-plan\/","title":{"rendered":"2007 Conservative Tax Plan"},"content":{"rendered":"<p>The Canadian government <a href=\"http:\/\/www.theglobeandmail.com\/servlet\/story\/RTGAM.20071031.wfiscal31\/BNStory\/National\/home\">issued $60 billion in tax relief<\/a> this week. Here&#8217;s a brief breakdown.<\/p>\n<ul>\n<li>GST cut one percentage point to 5 per cent, effective 1 Jan 2008<\/li>\n<li>Personal income tax cut retroactive to Jan. 1, 2007, cutting lowest marginal tax rate to 15 per cent from 15.5 per cent<\/li>\n<li>Jump in basic personal exemption to $9,600, retroactive to 1 Jan 2007, increasing to $10,100 in 2009<\/li>\n<li>$10-billion in federal debt relief<\/li>\n<li>One percentage point cut in corporate tax to 20 per cent in 2008<\/li>\n<li>Reduction in corporate tax rate to 15 per cent by 2012<\/li>\n<li>Small business income tax reduced to 11 per cent by 2008<\/li>\n<\/ul>\n<p>Overall, a good tax plan. Apply surplus to the debt, cut corporate tax, and reduce income tax.<\/p>\n<p>A couple of comments though.<\/p>\n<p>Generally, I agree with corporate tax cuts. I am especially intrigued by the plan to have the lowest corporate tax rate of any industrialized nation. I am just not so sure giving a blanket tax cut is th right idea. I believe what we need is more diversity in our economy. Our economy is still very heavy in manufacturing (despite the western boom in energy). Blanket tax cuts will encourage manufacturing companies (and export companies for that matter) to use the extra surplus to compete with our strong dollar. Hopefully, they&#8217;ll use the surplus to invest in mechanisms that will help them as the dollar pushes higher, but I am sceptical it will get used for much more than profit.<\/p>\n<p>I&#8217;d like to see tax structures in place that encourage more economic diversity, so we can prosper no matter the position of our dollar.<\/p>\n<p>The second comment was toward personal income tax. I am glad they are raising the personal exemption amount an decreasing income tax for the lowest tax bracket. when we consider, however, that they raised the income tax for the lowest tax bracket and lowered the exemption amount when they first took power, it&#8217;s hardly much of a cut. It brings us back to nearly what we were at when the Liberals were in power.<\/p>\n<p>The GST cut is my last point. I disagree with it. I mean, honestly, 1% savings? How am I going to benefit from getting $1 back for every $100 I spend? Superstore gives me more back in coupons when I shop (e.g $30 for every $250 spent). The only way I can benefit from a smoke-and-mirrors cut like this is making large purchases like homes and vehicles, but these are not things I buy frequently.<\/p>\n<p>How about cutting the lowest tax bracket to 14% and raising the cap to $40,000? Now, that would be a nice tax break. Oh, and make the universal child benefit tax-free.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian government issued $60 billion in tax relief this week. Here&#8217;s a brief breakdown. GST cut one percentage point to 5 per cent, effective 1 Jan 2008 Personal income tax cut retroactive to Jan. 1, 2007, cutting lowest marginal tax rate to 15 per cent from 15.5 per cent Jump in basic personal exemption [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[30],"tags":[78,76],"class_list":["post-216","post","type-post","status-publish","format-standard","hentry","category-politics","tag-conservatives","tag-taxes"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4NkW7-3u","jetpack-related-posts":[{"id":4388,"url":"https:\/\/siever.ca\/kim\/2020\/03\/31\/10-things-to-know-about-albertas-keystone-xl-announcement\/","url_meta":{"origin":216,"position":0},"title":"10 things to know about Alberta\u2019s Keystone XL announcement","author":"Kim Siever","date":"31 March 2020","format":false,"excerpt":"You\u2019ve probably seen the announcement by this point that the Alberta government is spending $1.5 billion on the Keystone XL pipeline. Here are 10 things you should realize about it. 1. The $1.5 billion the Alberta government is using to buy shares in the company is only part of the\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/siever.ca\/kim\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4648,"url":"https:\/\/siever.ca\/kim\/2020\/04\/15\/travis-toews-lets-himself-lend-1-25b-to-oil-refinery\/","url_meta":{"origin":216,"position":1},"title":"Travis Toews lets himself lend $1.25B to oil refinery","author":"Kim Siever","date":"15 April 2020","format":false,"excerpt":"Did you know that Keystone XL isn\u2019t the only oil and gas project that the UCP government plans to spend over $1 billion on?","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/siever.ca\/kim\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2020\/03\/oil-pump-jack-1407715_1920.jpg?fit=1200%2C927&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":4785,"url":"https:\/\/siever.ca\/kim\/2020\/04\/22\/why-companies-should-pay-more-taxes\/","url_meta":{"origin":216,"position":2},"title":"Why companies should pay more taxes","author":"Kim Siever","date":"22 April 2020","format":false,"excerpt":"Some people think that businesses should pay less in taxes. Here\u2019s why they should pay more.","rel":"","context":"In &quot;Politics&quot;","block_context":{"text":"Politics","link":"https:\/\/siever.ca\/kim\/category\/politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/12\/shutterstock_1531999091.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/12\/shutterstock_1531999091.jpg?fit=1000%2C667&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/12\/shutterstock_1531999091.jpg?fit=1000%2C667&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/12\/shutterstock_1531999091.jpg?fit=1000%2C667&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":191,"url":"https:\/\/siever.ca\/kim\/2007\/01\/15\/lethbridge-vacancy-rate\/","url_meta":{"origin":216,"position":3},"title":"Lethbridge Vacancy Rate","author":"Kim Siever","date":"15 January 2007","format":false,"excerpt":"According to the Wetaskiwin Times Advertiser, CMHC is reporting Lethbridge's rental vacancy rate is at less than 1%. Lethbridge is seeing its vacancy rate tighten 2.1 percentage points from 2.7 per cent in 2005 to 0.6 per cent in 2006. Yet one more reason why high-density residential development should be\u2026","rel":"","context":"In &quot;Lethbridge&quot;","block_context":{"text":"Lethbridge","link":"https:\/\/siever.ca\/kim\/category\/lethbridge\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4072,"url":"https:\/\/siever.ca\/kim\/2020\/01\/08\/tax-breaks-dont-help-the-poor\/","url_meta":{"origin":216,"position":4},"title":"Tax breaks don\u2019t help the poor","author":"Kim Siever","date":"8 January 2020","format":false,"excerpt":"Tax breaks, top ups, matching funds\u2014none of them help poor people because they all require poor people first spending money they don\u2019t have.","rel":"","context":"In &quot;Politics&quot;","block_context":{"text":"Politics","link":"https:\/\/siever.ca\/kim\/category\/politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":3890,"url":"https:\/\/siever.ca\/kim\/2019\/10\/04\/tax-credits-dont-help-taxpayers\/","url_meta":{"origin":216,"position":5},"title":"Tax credits don\u2019t help taxpayers","author":"Kim Siever","date":"4 October 2019","format":false,"excerpt":"Must be a federal election. The Conservatives are promising tax credits again, and disguising them as tax cuts.","rel":"","context":"In &quot;Politics&quot;","block_context":{"text":"Politics","link":"https:\/\/siever.ca\/kim\/category\/politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/siever.ca\/kim\/wp-content\/uploads\/sites\/5\/2019\/10\/purse-3548021_1920.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/posts\/216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/comments?post=216"}],"version-history":[{"count":1,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/posts\/216\/revisions"}],"predecessor-version":[{"id":2826,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/posts\/216\/revisions\/2826"}],"wp:attachment":[{"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/media?parent=216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/categories?post=216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/siever.ca\/kim\/wp-json\/wp\/v2\/tags?post=216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}