If youve ever tried to calculate all the taxes you pay in a year to all levels of government, youve probably given up somewhere along the way. While most of us can easily decipher how much income tax we pay its right there on our tax returns its a lot more difficult to gauge how much we pay in not-so-obvious taxes.
The 1990s was an economically dismal decade for British Columbia. The province effectively missed the prosperity party enjoyed by the rest of Canada due largely to poor economic policies. As a result, the province actually became a have-not province and a recipient of federal equalization payments.
We witnessed young, educated and skilled British Columbians leave the province for opportunities elsewhere and BC had the lowest per person GDP growth among the provinces between 1990 and 2000.
But in reality, the Conservatives plan increases the federal tax take, increases government spending, and fails to provide a truly austere plan to balance the budget. It will, therefore, do little to improve economic growth and create jobs.
Happy Tax Freedom Day! Monday, British Columbians start working for themselves. In other words, if we had to pay all our taxes up front, we would have to pay each and every dollar we earned from January 1 to June 5 to various levels of government.
This of course, translates into an awful lot of money. In fact, the average British Columbian family with two or more individuals will hand-over about $36,600 in taxes to their federal, provincial and local governments (42.7% of their income).