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By Trevor Parry
Special to the Financial Independence Hub
I have to apologize to my CFL fan friends, particularly in Saskatchewan, where I have found it the rule rather than the exception to find a shrine to the fabled “Riders” in clear site in most offices. The game just doesn’t do it for me. The one, two punt monotony of the game isn’t overcome by the stoic resolution to play in Stalingrad like conditions on the Prairie in late fall.
With his second foray into Budget making, Finance Minister Bill Morneau’s attempt must be described as nothing more than a punt. In this instance they have kicked away the ball to see what the offense south of the border will do. For fiscal conservatives, who believe budgets should only go into deficit when faced with financial calamity, rather than to send the swag to the long list of Liberal sacred cows, pet projects and friendly consultants, this Budget was more of the same Keynesian dirge, although with veiled threats of further confiscation of wealth. Certainly Prince Justin and LSE alumni Billy are taking marching orders from the reconstituted politburo to lay low and wait to see what The Donald can get through.
The Trump tax reform package, which despite the recent (and what I am sure will be a temporary) hiccup in repealing and replacing Obamacare, will likely enjoy complete GOP support and support of Democrats concerned about re-election in 2018, is the most ambitious tax plan to see the light of day since the days of Ronaldus Magnus. It puts the Trudeauopian punitive “tax the hell out of everyone who wants to save 10 cents” dictum in definite jeopardy. It would reduce all tax rates, including the top rate down to 33% from to 39.60%.
Canadian top tax rates kick in at just $200,000, half that of the US
Canadians should know that the top bracket in the US doesn’t kick in until you hit an income of US$418,000 as an individual, $470,700 if you file jointly and $444,550 if you file as a head of household with dependents. Remember the Little Prince cancelled the miniscule Family Tax Cut ($2k) professing claims of “fairness”. Canadian top rates kick in at C$200,000.
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