Between 2001 and 2008, Ontario provincial government spending grew at an average of five per cent annually while revenues only grew four per cent.
Government Spending & Taxes
Name something our governments aren’t already doing. Now name something our governments are doing spectacularly well.
As recent as 2009/10, Quebec’s per-person net debt burden was approximately $4,400 higher than Ontario’s. That gap is projected to be just $1,100 this year.
The federal government’s projected fiscal balance has gone from a $4.3 billion surplus to a budget deficit that could be as large as $25 billion.
While some provinces have taken steps to rein in spending and balance budgets, Ontario is a laggard and Alberta has embarked on a new road to debt.
The federal Liberals delivered their Throne Speech last week, emphasizing the planned middle-class tax cut. Yet there are two major problems with the government's proposed tax reform.
The Ontario government is considering subsidies for the province’s fashion industry, which is a bad a idea for many reasons.
Tax hikes—particularly on upper earners—tend to bring in less revenue for governments than expected because people change their behaviour in ways that reduce the impact of the tax hikes on their tax bill.
Despite a recent report to the contrary, a large body of evidence shows that corporate income taxes are among the most economically harmful taxes.
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