Starting today, most Canadian families with children under 18 can expect to see a bigger child benefit payment, as money starts flowing in one of the most ambitious social policies to be implemented in Canada in decades.
The Canadian government debt: $1,300,000,000,000.
Under the new CCB, families with children under the age of six will receive as much as $6,400 per child per year. Families with kids between six and 17 will receive a maximum of $5,400 annually under the new plan.
Thanks to Prime Minister Zoolander that debt is going to increase by a significant amount in the foreseeable future. Debt is one issue; the tax system is another.
We have a progressive income tax system in Canada. Let's take a look at two simple examples:
- If you make $1,000 per month in Ontario, then your entire income tax for the year will be approx. $180. This means your income tax rate is 1.5%.
- If you make $100,000 per month in Ontario, then your entire income tax for the year will be approx. $606,166. This amounts to an income tax rate of 50.5%.
The people who are "poor" are already getting the benefits of a generous and progressive income tax system. But now, in addition to being half-slaves of the state, the rich have to fork over more money to pay for poor families. (Who do you think is going to pay even higher taxes in the future for the additional debt?)
On the same topic, here's a timely video by Dennis Prager: