In today’s Guardian, there is a large, half-page story on page A6 that made my heart flutter: “Largest tax cut in history.” And then I read that, alas, it is in Nova Scotia. The big news there is that the personal basic income tax exemption for our neighbours just increased from $8,481 to $11,481! That’s an increase of 35 per cent.
Last year, the warm-hearted MacLauchlan government raised our basic exemption a whopping, wait for it, 2 per cent. This raised the rate from $8,000 to $8,160; still the lowest in the country, including the territories. That’s a staggering $3.08 (before taxes) a week.
I think it is safe to say that people in the lowest income brackets (and that, unfortunately, includes many Islanders) will spend all the tax savings they get in the local economy. This is opposite to what the richest 2 per cent of Canadians do - hide all their money in off-shore tax shelters, thanks in no small part to Sunny Ways and his merry band of self-entitled rich folk.
People are getting fed up and judgment day is coming?