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Ontario election averted after 'tax the rich' deal struck

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posted on Apr, 24 2012 @ 01:50 PM
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This morning while making my coffee, I automatically tuned out to what must have been an enthusiastic rant by the man whose promo ads said that “greed is good!”, or that “I just luv-v-v money, money, money!” --kaaa-ching. That man is none other than Kevin O'Leary of the Dragons' Den (Canadian tv) and Shark Tank (American TV) . Imagine hearing that garbage if you're trying to teach your children about sharing and the common good.

I normally change the channel whenever he is on, because I can no longer stand to listen to him or those sickening promotions. However even though I happily missed his words, his tone put a smile on my face. This man's values do not reflect any empathy or kindness to me, but rather selfishness and opportunism at the expense of others. I call it avarice. So what got him up on the wrong side of the bed today, you ask? It's this:

The Province of Ontario, Canada, will tax the rich!


Ontario NDP Leader Andrea Horwath says her party won't defeat the Liberal budget after Premier Dalton McGuinty agreed to implement a surtax on the rich, in a move that will avert a second election in seven months.

Horwath told reporters Monday afternoon that although she still has concerns about the budget, "we have made the budget fairer for Ontarians."



And how will this supposedly affect Ontarians?


The funds raised from the surtax would be dedicated to paying down the $15.3-billion provincial deficit, McGuinty told reporters after a 40-minute meeting with Horwath. The surtax, which could generate between $440 million and $570 million, will be eliminated when the budget is balanced in five years, he said.

"They wanted a tax on the rich. I want to pay down the deficit faster," said McGuinty.

Source

The cynics wonder if this will only keep on padding the coffers of the big government spenders. (Well, how did the deficit get so damn high in the first place?)

So people earning more than $500,000 will pay 2% per year for the next 5 years.

I invite your comments. What do you think of this?
edit on 24-4-2012 by aboutface because: added link




posted on Apr, 24 2012 @ 02:13 PM
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I share similar sentiments with you towards Kevin O'leary...I think he is a prime example of whats wrong with today's society. Another is Lou Schizas on am 640, my skin crawls when I hear either of these two speak!

As for the tax on the rich, I feel it's good on one hand but on the other hand it raises a variety of questions as it appears to only be a short term fix to a much greater problem;

Will government spending change? (probably not)

What will happen in five years? Will these individuals get a "break" for there five year contribution and if so, will we end up in the same situation 5 years from then?

Will this additional taxation on the rich trigger an exodus of the rich from Ontario? If so, what will those implications be, fewer jobs/taxes/public services etc.?

Rather then just grab more cash from the rich, why not also lessen the tax burden on the poor and middle class in order to give them a leg up and allow them to have some disposable income to in turn provide for their families and also fuel the economy?

On the surface it seems right but knowing McGuinty's track record (HST/ Environmental tax) I can't help but wonder what will be the kick to the groin for the general public to render this action null void?



posted on Apr, 24 2012 @ 02:21 PM
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reply to post by Ericthenewbie
 


I just heard of another hydro increase coming on may 1st., so so much for giving a break to those less fortunate even though we have finished paying down the hydro debt.Some may move out of the province. (I wonder if Kevin will?)



posted on Apr, 24 2012 @ 02:31 PM
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reply to post by aboutface
 


I'd be surprised if he even lived in Canada anymore.

He may own a house or two here but he is definitely an offshore kinda guy!



posted on Apr, 24 2012 @ 02:41 PM
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reply to post by aboutface
 

I think it's a fine idea. Trickle-down has been amply shown to be a joke. The NDP has always served best as the conscience of the ruling party. But only if they have the juice to exercise it.

In addition to what Horwath calls the "fairness tax," the Liberals also agreed to increase welfare and disability support payments which had been frozen in the budget, put more money into child care and give one-time funding of $20 million to help rural and northern hospitals.www.huffingtonpost.ca...



posted on Apr, 24 2012 @ 02:42 PM
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reply to post by aboutface
 


TAX THE RICH. TAX THE RICH ,TAX THE RICH. it sounds oh so good for all those that work at timmies or in the food service area or the tourism industry whose wages are at MINIMUM WAGE RATE OR LESS.funny thing is that the rich make a lot more than the vast majority of we the people and they can afford and have a lot more ways of turning this so called raise of their`s into a refund at tax time ,about giving more to charity as this reduces the amount of tax they pay and they sure as hell can afford it .can you the average man truly afford this luxury .it is a great tax in words as they will never have to pay it like the rest of us .but then to who makes up the tax rules and laws -why of the coarse it is the government and it`s lackey`s who are nothing more than big business men and lawyers and bankers so i guess we the people just got screwed out of 2 % more of our cash.and the rich just got richer by getting a bigger tax haven handed to them on a golden platter ,grovel some more people as they are not yet listening or learning,remember the penny is going the way of the t-rex soon ,so according to our government all sales taxes will be rounded of and if you have never learned about the way the government rounds off numbers 5cents becomes 10 cents.but most of the time you are supposed to get back 3 to 4 pennies so the man just stole 4 t0 55 MORE TAXES OFF OF US-and gave the rich a higher tax rate or so they say ,i guess it came at our expense yet again.
oh whoa is us who are the working poor as the middle class no longer exists .what was it Marie Antoinette once said --off with their heads -off with their heads ,she was right when we the people did exactly as she said off with her head off with her head.so we did.
edit on 24-4-2012 by picratus because: forgot something



posted on Apr, 24 2012 @ 02:48 PM
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post removed for serious violation of ATS Terms & Conditions



posted on Apr, 24 2012 @ 02:49 PM
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2 minutes. That's all I ask from this budget. 2 minutes with O'Leary. He's a showboating asshat. Half a billion from the rich? I've got no problem with that. I'm glad that Horwath stuck to her guns. We, Ontario workers, are going to get hit for this though. It IS a bargaining year. The gov't will have to make some of the difference up somewhere. I don't care if they freeze wages, leave the benefits alone though. That said I've been in for a while. A 20 something might have different views on that.



posted on Apr, 24 2012 @ 02:51 PM
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reply to post by aboutface
 


Until we stop borrowing money from private banks and return to the BoC model of borrowing at 0% interest, we will ALWAYS have a deficit in Canada.

We pay 160 million a day in interest on those loans, when we could pay 0% interest and have that money return into our economy. A balanced budget could occur in less than 5 years if we made the BoC pay the debt owed to private banks.

As for this tax the rich business, It's only going to generate pennies if we do not stop spending. They'll simply use this "surtax" as a means to spend more on things we do not need. Such as jets.

ETA: O'leary is a venture capitalist and although I believe he is scum that's the kind of mentality that this capitalist society has encouraged over the last 50 or so years in Canada.

~Tenth
edit on 4/24/2012 by tothetenthpower because: (no reason given)



posted on Apr, 24 2012 @ 03:14 PM
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reply to post by intrepid
 

You can have him.


Now since I am near the bottom end of the financial charts, I am wondering how people will be taxed. If it's on net income then with a good finacial advisor, etc., I imagine they can maneuver their net income in such a way that it could be too low to be taxed. But then again, that just might be the cynic in me?



posted on Apr, 24 2012 @ 03:48 PM
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reply to post by tothetenthpower
 


We would all like to return to the former model, but how could we ever do that if our leaders say nothing or do nothing? My question is why don't they?



posted on Apr, 24 2012 @ 04:02 PM
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reply to post by aboutface
 

One more thing...the Right is always squawking about 'taxing the job providers' being punitive...how about that malarkey gets dropped, and that incentives for job creation be based on performance, instead.

Which is to say, the gravy train of tax benefits kicks in AFTER the jobs are created.

But I guess that makes too much sense.



posted on Apr, 24 2012 @ 04:09 PM
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reply to post by picratus
 


I hear you! I would like to see a system where employees become active shareholders in their place of employment or somehow benefit more than what they do.



posted on Apr, 24 2012 @ 04:41 PM
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reply to post by JohnnyCanuck
 


Honestly, I've seen how tax incentives have made a company hire more people, then once they do, they apply for whatever benefit is offered. The CEOs and Chambers of Commerce are in touch with the politicians and get the word out to businesses about funded projects and incentives. NGOs are connected to civil service people.
I was once hired on a 12 month project that developed into a five-year term.

Most companies with grander vision will grind away at project and research development. I also worked at a failed dot com that became way too top heavy and doomed because of it.

However, smaller organizations and outfits have developed piddly jobs too, such as hiring someone to do filing once a week for twelve weeks or so.

So what is it you're saying? Hire someone and only then, if the government thinks it has merit, they will get a tax credit or something?



posted on Apr, 24 2012 @ 05:24 PM
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The cynics wonder if this will only keep on padding the coffers of the big government spenders. (Well, how did the deficit get so damn high in the first place?)


Doesn't matter if its the US,Canada, or the Eu the only thing raising taxes does it prop up already bad spending habits and the rub is it never has gone to were it should go.

Which is why they always want to raise taxes.



posted on Apr, 24 2012 @ 06:49 PM
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reply to post by neo96
 


I just do not understand this mad insane spending. When will they get the message that there needs to be fairness in the system? I remember how on more than one occasion some governments gave money for the homeless, However all of it went to agencies and none of it to the homeless themselves, some of whom could have used it more wisely to get off the streets. Sometime the system acts just like a bottom-feeder.
edit on 24-4-2012 by aboutface because: spelling



posted on Apr, 24 2012 @ 08:52 PM
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reply to post by tothetenthpower
 



Until we stop borrowing money from private banks and return to the BoC model of borrowing at 0% interest, we will ALWAYS have a deficit in Canada.

We pay 160 million a day in interest on those loans, when we could pay 0% interest and have that money return into our economy. A balanced budget could occur in less than 5 years if we made the BoC pay the debt owed to private banks.



you hit the nail on the head, why tax people to pay for interest to private banks when that money could be loaned at 0% from a state or national bank

private banks charge private interest for profit

look at Ndekotas state bank ALL PROFITS ARE PAID BACK TO THE GOVENMENT,
this reduces taxes
increases the economy

star to you my wise friend

xploder



posted on Apr, 24 2012 @ 09:47 PM
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Originally posted by aboutface
reply to post by tothetenthpower
 


We would all like to return to the former model, but how could we ever do that if our leaders say nothing or do nothing? My question is why don't they?


Because the people have no led this country in 20 plus years.

YOU should be saying something. We have to stop relying on the bureaucracy that we've created in this country and start relying on ourselves to solve problems.

Until we stop handing power to those who abuse it and those who would rather appease their friends and line their pockets than assist with the governing of our great nation, you can expect more of the same.

~Tenth



posted on Apr, 24 2012 @ 10:43 PM
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reply to post by tothetenthpower
 


Touché. Your point is well taken.

I don't know what event tipped the scales for me, (Libya?) but I have begun writing my MP this year. I did write to Jack Layton too. However, maybe I should include my MPP and the Premier's office. Each of us is responsible to make our own voice heard.



posted on Apr, 24 2012 @ 10:50 PM
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reply to post by aboutface
 


Yup, I write a dozen letters a week and make phone calls EVERY time I have a problem.

Honestly it's the best thing you can do, a lot of people thing it's innefective, and it is, if only a few people are doing it.

But if your MP gets 10 thousand letters in a week regarding a particular issue, that's going to sway their opinion and would probably be a good idea for them to appease us, if they want to keep their job.

We all need to get more involved politically, because the apathy we've shown lately is really killing our country.

~Tenth



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