Monday, January 26, 2009

Flaherty recants on " I cannot and will not fund today's programs from tomorrow's revenues"

In an attempt to justify his income trust tax, Flaherty argued he was losing taxes by saying that the taxes paid by the 38% of trusts held in RRSPs were of no value to him, because he “couldn’t fund today’s social programs with tomorrow’s tax dollars”. Now this same person is about to engage in $64 billion of deficit spending!!!!.....which is simply a case of funding today’s social programs with tomorrow’s tax dollars.....creating a debt burden for our children to bear.

Did it not occur to Flaherty (at the very least?), that not all of Canada’s budgetary expenditures are incurred today, and that things like government borrowing create streams of interest payment obligations that could be funded by these stream of ongoing tax payments from income trusts held in RRSPs?.......had Flaherty not been so foolish as to kill the golden goose? The golden goose for government tax revenues and the golden goose for people, unlike him, faced with the huge task of providing income for retirement.

1 comment:

Dr Mike said...

Flaherty is an odd little guy with odd thoughts from time to time.

This just happens to be the oddest.

He must be doing self-congratulations over the trust tax because anyone in the know sure as hell knows that this turkey grew feathers & flew away taking billions in tax revenue with it.

It`s time to pluck that bird once & for all & remove the trust tax.

Dr Mike Popovich.