Charities Will Benefit From Income Splitting Proposal

Anytime a conservative government puts forward any type of tax relief program you hear the caterwauling from the left wing that those lost tax $$$ would be better spent on keeping the trough full and they vow not to accept the pittance being offered by the government. To me if the government goes ahead with this proposal a lot of hard working people will receive significant savings which of course they will spend which will fuel the economy which will generate more revenue for the government, etc. etc. Do you fall into one of the following groups:

Income splitting would be a tax break for many couples, with the lion's share of benefits going to those in which one spouse is a high-income earner and the other does not work outside the home.
Under current tax law, a family in which one spouse works, earning $80,000 a year, and the other spouse has no income will pay $12,460 in federal income tax. Under income splitting, the couple would pay a combined total of $8,940, a saving of $3,520, according to calculations by the Canadian Taxpayers Federation.
A family in which one person earns $60,000 and the spouse earns $20,000 currently pays total federal income taxes of $10,280. Under income splitting, that family would pay a total of $8,940, a saving of $1,340.
A family with two partners earning $40,000 each pays a combined federal income tax of $8,940. There would be no change under income splitting.

Full story........

I told you so........

Use Ottawa's cash to help neediest

Nov. 22, 2006. 01:00 AM
If Prime Minister Stephen Harper has an extra $5 billion in surplus cash to bankroll some new federal initiative, he should use it to help Canada's neediest people, not for a tax break to woo middle-class voters.


Gawd forbid that the middle class taxpayers get a tax break!