kingston & the islands' NDP Blog

Tuesday, January 17, 2006

Liberals "expose" the Conservative capital gains tax cut

More on the Conservatives' proposed capital gains tax cut I posted about on Saturday. The Liberals have put a huge graphic on their front page about how they're "exposing" the Conservative capital gains cut. According to their article on the tax cut, the Conservatives have grossly misstated the cost of the cut. Quote: They said it would cost the federal government $150 million a year, which is only 7 per cent of the federal government’s revenue from the capital gains tax on individuals. The true cost would likely be about $1.7 billion a year to the federal treasury. To quote Revenue Minister John McCallum: "I cannot think of a tax cut that is more skewed to the rich than this one.... Any competent financial planner can find half a dozen ways to ensure you never pay. This promise comes close to a de facto elimination of the capital gains tax for individuals.” The Liberals' analysis of this cut also predicts that the bulk of the lost revenue from this tax cut "will go to the 140,000 Canadians who earn more than $100,000 a year and report capital gains... That is only 0.6 of one percent of the 23 million people who file taxes in this country.” Harper would also roll back the recent tax cuts for low- and middle-income Canadians.

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