06/13/2018

Here’s When Canadian Families Are Finally Free From Paying Taxes

Charles Lammam and Milagros Palacios, Fraser Institute

Happy Tax Freedom Day, Canada! If you had to pay all your taxes for 2018 upfront, you’d give every dollar you earned to government before today. It’s taken nearly half the year but finally, on June 10, you’re working for yourself and your family.

If it sounds like you pay a lot of taxes, it’s because you do. With different governments (federal, provincial, local) imposing so many different taxes, it’s easy to lose sight of how much we pay in total. We don’t just pay income taxes. We also pay payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, carbon taxes, vehicle taxes, profit taxes, import taxes, various “sin” taxes, and much more.

Some of these taxes are visible but many are hidden, which makes it hard to tally them up. Tax Freedom Day is a handy measure of the total tax burden imposed on Canadian families. In 2018, we estimate the average Canadian family (consisting of two or more people) will earn $115,724 in income and pay $50,464 in taxes—or 43.6 per cent of its income.

And while that’s a big percentage of income going to taxes, it doesn’t end there. That level of taxation is still not enough to satisfy the excessive spending habits of our governments in Canada. This year, the federal government and six of 10 provinces will run budget deficits, spending cumulatively $35.4 billion more than what they collect in revenues. But future taxpayers must inevitably service and repay that borrowed money.

Which leads to another calculation.

Read full article



You May Also Like:

President Trump Is Vindicated. The Witch Hunt Is Over Mike Huckabee, RealClearPolitics

‘Collusion’ Now Exposed As Nothing More Than Trump-Haters’ Opioid Dream Sohrab Ahmari, New York Post

5 Times Attorney General’s Letter About Mueller Report Clears President Trump Joy Pullmann, The Federalist

Next: Trump's Promise On The Fed? New York Sun

The Socialism And The Self-Pity Noah Rothman, Commentary

Enough Is Enough: Google Bias May Have Cost Republicans 3 Seats In Midterms Joe Saunders, Conservative Tribune

Seattle Is Daying [Watch] KOMO News

Climate Change Activist Admits: Being Green "Requires The End Of Capitalism” Ryan McMaken, Mises Institute

Why Government Officials Must Routinely Fudge Basic Arithmetic Gary M. Galles, Foundation for Economic Education

Green Insanity Is Flooding Towns And Destroying Lives Joe Herring , American Thinker

Could Free-Range Kids Become The Norm Again? Joe Jarvis, Daily Bell

For More go to the Home Page >>>

Join Our Email List



section

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

section

In Search Of History

The Fed vs. the Middle Class

With interest rates flattened [by the Federal Reserve], government zeroes out the future. Abandoned were 80 percent of private defined-benefit pension plans. Public plans faced a similar evisceration in the future. With no acknowledgement, the U.S. government had casually dispossessed the American middle class of its retirement assets and pushed millions of Americans into acute dependency on government programs. ... Government dependency negated the American dream.

-- George Gilder ,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central February Year-to-Year: 2.87% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

section