At a time when the provincial government is screaming that it needs federal handouts to deal with a huge public debt, finance minister Tom Marshall defends fiscally irresponsible budgeting.
The Atlantic Accord is an albatross around the neck of NL taxpayers and businesses. Since the first drop of oil was taken from Hibernia my provincial tax went from 62% to 118% of my federal tax. If NL goes to the new equalization formula, with the so called Ontario cap, my provincial tax rates should also go to the Ontario tax rate. I just calculated my taxes for 2007, with an income of $40,000 my provincial tax will be $4055.56 if we had the same tax rate and credits as Ontario it would be $2017.00. Think of all the other taxes that could be reduced or eliminated.(eg. Insurance tax).
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The Atlantic Accord is an albatross around the neck of NL taxpayers and businesses. Since the first drop of oil was taken from Hibernia my provincial tax went from 62% to 118% of my federal tax. If NL goes to the new equalization formula, with the so called Ontario cap, my provincial tax rates should also go to the Ontario tax rate. I just calculated my taxes for 2007, with an income of $40,000 my provincial tax will be $4055.56 if we had the same tax rate and credits as Ontario it would be $2017.00. Think of all the other taxes that could be reduced or eliminated.(eg. Insurance tax).
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