It seems that everyone that is either for or against the HST highlights only the points that support their argument. Here's a report summary from TD Financial Group which highlights both positive and negative aspects of the tax.
Thought I'd post it so some of the anti-Campell posters could have a little more of an argument besides "we don't like that #$@!&'n Campbell" ... or words to that effect.
Here's a summary but the full link is below. http://www.hstincanada.com/2010/01/td-bank-hst-impact-report/
Key Highlights from the Report
• We estimate that the move to a harmonized sales tax (HST) will reduce the cost of doing business by a total of $6.9 billion in Ontario and British Columbia
At what cost to social programs?
• The majority of the cost savings will pass onto consumers in the form of lower prices, and consumers in both provinces could witness a 0.8% -0.9% drop in the pre-tax ticket prices on the purchase of goods and services
Wanna buy a bridge?
• However, the tax burden will shift from businesses to consumers, who will now pay the flat HST on a broader array of goods and services than before, and the effective tax rate on consumption will increase by 1.5 percentage points Ontario and B.C. , and the overall price level will increase by 0.7 percentage points in both provinces
BINGO!!!
• The combined impact will lead to a permanent 0.4% increase in Canada’s average annual consumer price level relative to where it would have been without harmonization.
Doing a GREAT job on proving my points
Notable Excerpts
Since Ontario and B.C export and import a significant portion of their GDP, firms in these regions face a high degree of competition from foreign suppliers. Therefore, in order to attract more demand and increase profitability, firms will have to pass the majority of these savings forward to consumers.
See bridge for sale above
Although we anticipate that consumers will pay lower pre-tax prices on average, they will have to pay the flat HST on a broader array of goods and services than before, therefore increasing their effective tax rate on consumption.
Given the list of goods and services that will be affected by the new tax, we have estimated that Ontario consumers will experience an 8 percentage point increase in the posted tax rate on approximately 19% of their expenditures.
In B.C., consumers will be subject to a 7 percentage point increase on the tax rate on 21% of their expenditures. In Ontario and B.C., this will lead to a 1.5 percentage point increase in the effective tax rate.
Great way to stimulate the economy in a recessionary cycle!
Fortunately in Ontario (and in Toronto), about 90% of new homes are priced below $500,000 (and 75% of new homes are priced under $400,000) 4, so the majority of new homebuyers will be affected at the lower range. B.C. will likely be hit harder by the tax, as home prices in the province are higher than those in Ontario. Existing homes are about 30% more expensive in B.C. than they are in Ontario.
Housing is out of reach for most as the system is presently. Let's make it tougher!
Conclusions?
The report does not try and veil the fact that the HST has both positive and negative ramifications. Overall the folks at TD are in favor of the added tax and believe it will simplify the current system, encourage job growth, and increase wages and investment. However they admit that in the short run it will raise consumer prices, and could have a negative effect on the housing industry, primarily in B.C. (this report was released before the B.C. gov changed the maximum cost of new house to $525,000).
I think it is up to us to be fully informed on potential benefits and shortcomings and to then take initiative to ensure that the least fortunate of our country are not going have to foot the bill.
http://www.td.com/economics/special/dp0909_hst.pdf
In one of her last acts as Finance Minister, Carole Taylor ended the corporate capital tax on banks -- $100 million a year in government revenue. Upon leaving government, Taylor joined the TD Bank board where she stands to earn $145,000 to $300,000 per year
Weird how that works.... Just a coincidence I suppose.If I had more time, I could put up the ex Liberals that now work for Liberals bootlickers and donors, but that's a lot of bandwidth to use up. It's not only Campbell that earns my disgust, but the whole troop of liars and con men that sit in power. NOT ONE has the cajones to stand up for
what the electorate want, but they opt for the iron hand/s personal agenda.
Please excuse the cut and paste teacher, I just didn't have time to retool it.
The BC Healthy Kids Program now covers annual checkups along with other basic dental services – such as X-rays and fillings – for a total of $1,400 every two years.
YET
There's money in the sugar jar for :
Olympic tickets
120 million to oil and gas companies (no profit there)
7 million to build a free apartment building in China
Film Industry give away:
The credits, announced by Finance Minister Colin Hansen and Kevin Krueger, Minister for Tourism, Culture and the Arts, provide for a new BC Interactive Digital Media tax credit of 17.5 per cent of labour costs in the development of video games. It also sweetens the labour tax credit for foreign producers, raising it to 33 per cent from 25 per cent. The qualified labour expenditure cap rises from 48 to 60 per cent, and the digital animation and visual effects tax credit rises 2.5 per cent, from 15 to 17.5 per cent.
Cuts to community Addiction and Mental Health Services, sexual abuse counselling and autism services for children
The highest rate of child poverty for six years in a row
Cutting $10 million dollars of funding to community social services programs
Millions of dollars in cuts for gaming and lottery funding to community programs
800 teachers in Vancouver and more around the province have received layoff warning letters
Cuts to thousands of surgeries and other medically necessary health care services to make up the $360 million in savings the BC government wants
Increasing the cost of living to seniors living in care homes by raising care-home fees eight per cent in 2010 and 10 per cent in 2011, impacting 75% of seniors, leaving many seniors with only $275 per month for their personal needs
This is one of the most DISGUSTING pieces of frogpoop any heartless piece of trash could come up with)The lowest minimum wage in Canada, with no increase in nine years, combined with one of the highest costs of living in the nation
Is this what we want for BC alwaysfishin? And you think sitting on one's butt and waiting for more decimation and give aways (BC Rail, Jordan River tree farm and on and on) is OK? Or should we stand up and be counted?
My Dad told me to stand up and fight for the right cause. Maybe it will work, maybe it won't, but simply put, I'd rather see my taxes go to seeing a kids teeth be taken care of or our seniors being afforded a bit of dignity before we start handing out money to a profitable business sector. When we as a society, start pushing the vulnerable to the side for a few dollars and get whitewash and male bovine excrement as reasoning then it is time to stand up and be counted instead of concluding that "I've got mine".
If you want, I can hook you up with a torch and pitchfork.