Posted Oct 19, 2022, 11:32 AM
|
 |
Registered User
|
|
Join Date: Mar 2006
Posts: 8,825
|
|
The income tax system, particularly in NS, needs major reform. The Province does not index its income tax brackets according to inflation like most if not all other provinces do, so every year, more and more people move into a higher bracket without any actual change in their lifestyle. This has been an example of opportunism at its worst. Given the insatiable thirst for extra revenue that govts all have in order to spend wastefully, it is something that only public pressure can change.
Federally the system is broken too. Not everything needs to be means-tested; a medical expense is a medical expense regardless of whether you make $40K a year or $400K. They should all be equally deductible. All sorts of other deductions fall into this category and need to be reformed. The entire system needs to be simplified and stripped-down to make it more transparent and equitable for singles, retirees and others who currently get virtually no breaks from govt and pay through the nose.
|