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B.C. Budget Comments

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Re: B.C. Budget Comments

Postby Gone_Fishin » Feb 20th, 2013, 8:21 pm

As far as the budget is concerned, it has withstood the scrutiny of BC's CGA Association. That's an endorsement very few governments EVER get. Dejong must be happy happy happy to get two thumbs up from BC's leading accounting association!


B.C. Budget Marks Return to Fiscal Basics


FOR IMMEDIATE RELEASE

February 19, 2013

VICTORIA, B.C. – February 19, 2013 --- Finance Minister Michael de Jong has marked the government’s return to fiscal discipline with a balanced budget and a $197 million surplus for 2013-14, Candace Nancke, FCGA, Chair of the Certified General Accountants Association of B.C. said today.

“Families and small businesses have to show that discipline and live within their means every day. And government should be no different,” Nancke said. “The minister has achieved this through a combination of spending cuts, the sale of some surplus properties and modest tax increases,” Nancke said. “We like this direction as it shows willingness by government to say ‘no’ and limit spending increases and recognizes that the province must stay on track for the future.” Surpluses of $211 million are expected in 2014-15 and $460 million in 2015-16.

Nancke said that good debt management remains high on the government’s radar. Taxpayer-supported debt is forecast to be $42.6 billion in 2013-14 and will reach $46.1 billion in 2015-16. While the Association has expressed concern about rising debt levels it recognizes that B.C.’s debt-to-GDP ratio at 18.3 per cent in 2014-15 remains relatively low compared to provinces such as Ontario and Quebec which have much higher debt-to-GDP levels.

Other changes include:

Increasing the general corporate income tax rate to 11 per cent from the current 10 per cent as of April 1, 2013. While the tax rate remains the third lowest in Canada (after Alberta and New Brunswick), the Association has cautioned in the past that even minor increases to tax rates can affect the province’s competitive position. This could reduce economic growth at this critical time.
A temporary two-year increase in the personal income tax rate to 16.8 per cent from 14.7 per cent for individuals earning more than $150,000 starting January 1, 2014. While these increases are not always welcome, they will help boost revenues ensuring good fiscal management.
Addressing the sometimes contentious carbon tax and its impact on farmers by providing a carbon tax exemption for the same coloured motor fuels and $20 million to provide relief for commercial greenhouse operators.

--------------------------------------------------------------------------------


ABOUT CGA-BC
CGA-BC represents almost 11,000 CGAs and nearly 5,000 CGA students in the province of British Columbia. Our members provide financial management and accounting services to small and medium-sized businesses across the province and occupy financial management and leadership positions in the public and private sector.

–30–

For more information, contact:

Edward Downing, Director of Communications
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Re: B.C. Budget Comments

Postby George+ » Feb 20th, 2013, 9:01 pm

I suspect that if the NDP had presented this budget there would be howls of outrage
led by the CGAs Association-just slightly conservative!

And we'd hear about all the business people headed to Alberta.

But good job softening the blow for a new budget, with better emphasis, shortly.
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Re: B.C. Budget Comments

Postby logicalview » Feb 20th, 2013, 9:30 pm

George+ wrote:I suspect that if the NDP had presented this budget there would be howls of outrage
led by the CGAs Association-just slightly conservative!
.


As has been stated many times, but is far too hard for you and your fellow communists to understand, is that people don't so much mind taxes going up temporarily, if it means that the money will be used to reduce debt and get the books in order, and will be accompanied by spending cuts. With the crappy bone head NDP, all they do is raise taxes, and radically increase spending as well, usually pouring the money down black holes and wasting it, by bending over to their union masters who control them, and by hiring thousands of their minions to useless civil service jobs. It's okay to raise taxes sometimes George. But when you send a big group of activists and union bag men to Victoria, you know that the extra tax money will be spent stupidly and as wastefully as possible. There can be no other way.
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Re: B.C. Budget Comments

Postby Logitack » Feb 20th, 2013, 9:36 pm

gotta love the Liberal excuse makers who have for years and years and years accused the socialist when they raise taxes, personal and corporate taxes, that there would be a mass exodus from BC. now that the scumbag Liberal government have adopted a socialist platform, raising taxes is just fine now. :dyinglaughing:

gawd i love the irony....
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Re: B.C. Budget Comments

Postby logicalview » Feb 20th, 2013, 9:40 pm

Logitack wrote:gotta love the Liberal excuse makers who have for years and years and years accused the socialist when they raise taxes, personal and corporate taxes, that there would be a mass exodus from BC. now that the scumbag Liberal government have adopted a socialist platform, raising taxes is just fine now. :dyinglaughing:

gawd i love the irony....


I know you are far far too dumb to understand this, but raising taxes is not a socialist platform. Left-tard NDP policy is raising taxes and then spending so much that you are in perpetual deficit. That's the difference. But like I said, you and George, the biggest left-tard of all, are wayyyyy too dumb to understand this.
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Re: B.C. Budget Comments

Postby Urbane » Feb 20th, 2013, 9:42 pm

    Logitack wrote:gotta love the Liberal excuse makers who have for years and years and years accused the socialist when they raise taxes, personal and corporate taxes, that there would be a mass exodus from BC. now that the scumbag Liberal government have adopted a socialist platform, raising taxes is just fine now. :dyinglaughing:

    gawd i love the irony....
Too bad you voted out the HST which forced us to forfeit $1.4 billion to the feds! How stupid was that??!! Revenues go down when we switch to the PST so that has to be made up as well and yet you voted for all of that and are now crying about the taxes going up because of the decision that you made! Talk about irony!
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Re: B.C. Budget Comments

Postby Urbane » Feb 20th, 2013, 9:50 pm

    logicalview wrote:
    I know you are far far too dumb to understand this, but raising taxes is not a socialist platform. Left-tard NDP policy is raising taxes and then spending so much that you are in perpetual deficit. That's the difference. But like I said, you and George, the biggest left-tard of all, are wayyyyy too dumb to understand this.
Exactly right. Those on the left didn't want to pay a little bit more with the HST even though it would help fund health and education. They called it a tax grab and yet they're all in favour of spending more and more money! It's crazy. They love borrowing money and don't care about our credit rating even though when the credit rating goes down we pay more on interest. Stupid, stupid, stupid!
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Re: B.C. Budget Comments

Postby Logitack » Feb 20th, 2013, 9:53 pm

ouch this must hurt, coming from a liberal, martyn brown, you know the chief of staff of ....who.....you guessed it, gordo, the i got caught and charged for DUI in a foreign country.

suck it up Liberal sheeple, no amount of excuses or diversions will mask what your beloved liberal government has done to this province over the past 12 years! sucks to be you.... :dyinglaughing:

Trouble is, no amount of "independent" validation will ever convince most voters that this election budget is truly balanced. The thing about credibility is, once it's shot, whatever the reason, it's hard to earn it back. When you miss your deficit targets by a country mile four years in a row and have to repeatedly adjust your self-imposed, legally mandated date for balancing the budget, your credibility is bound to suffer.

Such is the situation now confronting Christy Clark's government, despite its best efforts to control spending - a fact that it stupidly diminished by its politically motivated advertising. It just screams "Waste!" It also doesn't help that its current-year budget deficit is half-a-billion dollars larger and over 50 per cent higher than originally projected. And that's assuming the financial picture hasn't further deteriorated since the last quarterly, in November.



Read more: http://www.thenownews.com/news/budget+u ... z2LVQetbti
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Re: B.C. Budget Comments

Postby logicalview » Feb 20th, 2013, 10:06 pm

So now the question for the left-tard NDP and their lefttard followers, do you finally declare a stand on some policies? Or does Nutless continue his nutless silence?

http://www2.canada.com/nanaimodailynews ... 4a817ae96d?
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Re: B.C. Budget Comments

Postby Logitack » Feb 20th, 2013, 10:34 pm

The result of the ‘balanced’ budget on our provincial debt is that it will add $6.5 billion more to our debt in the next year, reduce our assets but $0.8 billion and who knows how much more debt will be transferred to our crown corporations like BC Hydro.

Total provincial debt:
2012 / 13 = $56,111 Billion (revised — again)
2013 / 14 = $62,689 Billion
2014 / 15 = $66,548 Billion
2015 / 16 = $69,428 Billion

this is the fiscal incompetence of this liberal government, supported by the lib sheeple and apologist. the debt is rising and has or will double thanks to the liberal incompetence!
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Re: B.C. Budget Comments

Postby Veovis » Feb 20th, 2013, 11:05 pm

Logitack wrote:The result of the ‘balanced’ budget on our provincial debt is that it will add $6.5 billion more to our debt in the next year, reduce our assets but $0.8 billion and who knows how much more debt will be transferred to our crown corporations like BC Hydro.

Total provincial debt:
2012 / 13 = $56,111 Billion (revised — again)
2013 / 14 = $62,689 Billion
2014 / 15 = $66,548 Billion
2015 / 16 = $69,428 Billion

this is the fiscal incompetence of this liberal government, supported by the lib sheeple and apologist. the debt is rising and has or will double thanks to the liberal incompetence!


So prior to 2012 and the LIberal and the NDP there was no debt accruing interest?

The NDP have been crappy and the Liberals have been crappy, stop trying to pin every dollar on one or the other.
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Re: B.C. Budget Comments

Postby Urbane » Feb 21st, 2013, 10:17 am

Glacier wrote:I give the government credit for actually making tough decisions and trying to reign in spending. Although this approach is miles ahead of the NDP at the moment, I still have some criticisms.

    1) Selling assets to balance the budge is short sighted.
    Agreed, but only if the assets are needed. If, for example, a school has closed and a new school opened where the kids are actually living there's little point in retaining the old school property.

    2) Medical premiums is an extremely regressive and inefficient tax. 4% is a pretty steep increase. I suppose the increase of personal income tax for the rich is their way of trying to balance this out, but it still hits the middle class pretty hard.
    Tommy Douglas once told the Saskatchewan Legislature, though, that it's important that people pay something directly for their health care so they don't take it for granted.

    3) I have mixed feelings about giving a one time grant to RESPs. I'm all for helping families, but is this really the time to do this?
    Fair comment. I wonder about that too.

    4) Increasing the business tax by 10% is a round about way of increasing the PST. I guess that's what you have to do when you get rid of the HST.
    Agreed. Should have kept the HST.

    5) Eliminating the break for light industry is not ideal, but again that's what you have to do when the HST is gone.
    Agreed. Should have kept the HST.

    6) Why not increase the gas tax? It's far more efficient and fair than MSP premiums.
    Theoretically, everyone needs health care but not everyone drives. The bottom line is that given our "bottom line" we need more revenue and some short term pain is necessary.
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Re: B.C. Budget Comments

Postby Glacier » Feb 21st, 2013, 12:14 pm

Urbane, paying MSP, gas tax, etc. all goes into general revenue, so I don't see MSP as directly paying for healthcare anymore than income tax directly pays into healthcare. In a sense the gas tax is what Tommy Douglas was talking about because you pay more if you use more.

The MSP tax on the other hand has as much to do with how often you use the medical system as income tax does. ie. there is no connection between the two other than the general revenue pot since healthcare is the #1 target of all general revenues be they MSP tax, income tax, sales tax, school tax, etc.

Don't get me wrong, I'd rather fork over an extra 4% in MSP than run a deficit, but I don't like the fact that they continue to lower the gas tax in real dollars while raising less efficient taxes at the same time.

The MSP tax is essentially a tax on non-union workers within the middle class. It also discourages lower income people from moving up the pay scale because their tax rates will raise quite steeply. By the same token, it does encourage the middle class to move up, but once again we see another tax that pushes us towards a smaller middle class, which isn't a good thing in my opinion.

Taxes that alter behavior are less efficient. This is why the HST is so much better than the PST in that it treats consumption a lot more equally (as you know). MSP, income taxes, etc. are a necessary evil (unless you live in Alaska), and giving poor people a break on MSP is good, but raising rates too high on the middle class is bad.

Given the current economic climate, I understand why they need to raise the rates, but if I were in charge, I'd look at adding more efficient user-pay taxes instead. Given the inefficiency of the taxes raised, I project that revenues will not be as rosy as forecast because they are falling into the same trap the NDP is guilty of - an extra dollar raised in taxes is an extra dollar in government coffers.

In my view, they should put the pay parking back at day use parks, raise the gas tax, put tolls on freeways, and start charging PST on things like restaurant meals.

I notice that they will be raising tobacco taxes, and that's a good thing I think, but I went for wings and beer the other day, and noticed that the Restaurant charged me HST on the wings, but no tax on the beer. Not sure if this was a glitch by the restaurant, or if this is how things are done. Either way, beer shouldn't be exempt from the tax in my opinion.
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Re: B.C. Budget Comments

Postby Urbane » Feb 21st, 2013, 12:51 pm

Good reply Glacier. We can both agree that the entire tax system needs to be examined with a view toward making some sensible changes. And again, too bad that we're trading in the HST for the regressive PST. What a backward step that is.
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Re: B.C. Budget Comments

Postby Rwede » Feb 21st, 2013, 12:59 pm

Glacier wrote:
I notice that they will be raising tobacco taxes, and that's a good thing I think, but I went for wings and beer the other day, and noticed that the Restaurant charged me HST on the wings, but no tax on the beer. Not sure if this was a glitch by the restaurant, or if this is how things are done. Either way, beer shouldn't be exempt from the tax in my opinion.



Beer already has liquor tax, so it's HST exempt. The wings were correctly HST'ed.

Hmm, liquor tax went down when the HST came in to 12%. Who's gonna be yelping when they see their beer go up April 1? And whom can they blame?


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