The just-released Parliamentary Budget Officer report projects deficits in every year from 2016/17 to 2020/21.
Government Spending & Taxes
An "implicit tax" is implicit only in the sense that it doesn’t officially appear in the income tax code.
A reoccurring narrative in the income inequality debate is that top earners don’t pay their “fair share” of taxes. The data, however, paint a different picture.
While the headlines on Alberta’s recent budget focused on the planned $6.1 billion deficit this year, the reality is that the true deficit will be even larger.
In addition to spending increases, the Notley government is proposing new tax increases on top of the hikes to personal and corporate income taxes that have already come into effect.
More than six years after the recession of 2008-09, eight out of 10 provinces (including Alberta, which released its budget yesterday) are currently in deficit, and the newly formed federal government has committed to falling back into deficit.
Today's Alberta budget forecasts a $6.1 billion deficit for this fiscal year, and the province is on track to record 10 budget deficits in 11 years.
A popular narrative holds that the recent fall in oil prices is chiefly responsible for the Alberta's current deficit. The evidence does not support this view.
Before we buy boatloads of new infrastructure in Canada, we should ask why current infrastructure is crumbling.
When tax rates are increased, tax filers—especially upper-income earners—are able to find legal means to mitigate those tax increases.
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