With the Conservatives increase in sin taxes and income taxes to offset the GST cut and corporate tax cuts, you and me will still be paying more than those who make the profit off our labour, big business.
Which is why I say cut income taxes for all workers earning $100,000 or less, increase personal income taxes on the rich ruling class families and close their offshore loopholes, and tax capitalist businesses on their before net earnings.
Where the Money Comes From
The federal government’s budgetary revenues came from a variety of taxes and other sources.
- Personal income tax is the biggest revenue source. In 2004–05, it provided $89.8 billion in federal funding. That’s more than 45 per cent of all federal revenues.
- Revenues from the goods and services tax provided $29.8 billion, or 15 per cent of total federal funds.
- Corporate income tax raised about $30 billion, just over 15 per cent of federal finances.
- A number of other taxes—such as non-resident taxes, customs import duties, energy taxes and excise taxes on alcohol and tobacco—made up $16.7 billion, or nearly 81⁄2 per cent of revenues.
- As well, employment insurance premiums, which are treated as part of general revenues, contributed $17.3 billion to federal finances, or 8.7 per cent of the total.
- And other revenues—such as earnings by Crown corporations and the sale of goods and services—provided the remaining $14.9 billion, or 71⁄2 per cent of total revenues. This included a one-time $2.6-billion net gain from the sale of the federal government’s remaining shares in Petro-Canada.
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