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Let me elaborate on this point.
Imagine you send out 4 months x $2K = $8K to every Canadian adult.
That would cost about 30million X 8K = $240B.
Many have breezily claimed & #39;oh we can just claw that back when 2020 taxes are filed in April 2021.
Not actually easy...
Imagine you send out 4 months x $2K = $8K to every Canadian adult.
That would cost about 30million X 8K = $240B.
Many have breezily claimed & #39;oh we can just claw that back when 2020 taxes are filed in April 2021.
Not actually easy...
Why is & #39;just claw back the CBI later& #39; not so easy?
->easy to change the legislation
->easy to change the 2020 tax forms--literally not printed yet!
--> easy to administer with regular tax filing.
So...where& #39;s the problem? Just think a bit, yeah? https://twitter.com/kevinmilligan/status/1247674088350334976">https://twitter.com/kevinmill...
->easy to change the legislation
->easy to change the 2020 tax forms--literally not printed yet!
--> easy to administer with regular tax filing.
So...where& #39;s the problem? Just think a bit, yeah? https://twitter.com/kevinmilligan/status/1247674088350334976">https://twitter.com/kevinmill...
Imagine you& #39;re someone who keeps her job all through 2020 and makes $40K. Now imagine you give her $8K in Crisis Basic Income cheques.
Now it is April 2021. Are you going to ask her to cut a cheque to Receiver General for 8K?
No?
Ok, then who has to pay back? Be precise.
Now it is April 2021. Are you going to ask her to cut a cheque to Receiver General for 8K?
No?
Ok, then who has to pay back? Be precise.
Ok, so maybe you say "Gee maybe making a $40K earner pay back $8K of Crisis Basic Income is too rough. How about just those over $100K of income?"
Great. They will still *not* be happy to cut a cheque to the Receiver General for $8K. But maybe you persist.....
Great. They will still *not* be happy to cut a cheque to the Receiver General for $8K. But maybe you persist.....
Guess how many taxfilers in 2017 (most recent year of data) made over 100K?
9.4% of them.
So if you make only those over $100K pay back their $8K CBI then your CBI still costs $217B.
That& #39;s a lot of money sending cheques to people 3/4 of whom didn& #39;t actually lose their jobs.
9.4% of them.
So if you make only those over $100K pay back their $8K CBI then your CBI still costs $217B.
That& #39;s a lot of money sending cheques to people 3/4 of whom didn& #39;t actually lose their jobs.
Now, maybe you say "$217B on Crisis Basic Income is great--it& #39;s a crisis!"
But that& #39;s just the family income support.
You will still need:
-> small biz bailouts
-> big biz bailouts
-> prov/muni bailouts
So, me, I can understand why Finance was reluctant to blow $217B on CBI.
But that& #39;s just the family income support.
You will still need:
-> small biz bailouts
-> big biz bailouts
-> prov/muni bailouts
So, me, I can understand why Finance was reluctant to blow $217B on CBI.
Right. You realize, of course, that if we claw it back more slowly, that actually means the overall cost goes up. So, we& #39;re then going to be closer to $240B than $217B. https://twitter.com/mvsyyz/status/1247679306714750976">https://twitter.com/mvsyyz/st...
