If your income goes down, your tax burden should too. But the opposite is happening in Alberta right now, writes William Watson. Read on.
How about if your income falls? Should you pay more tax then? You can imagine times when it might make sense for governments to raise revenue even as incomes were falling. Even during the Depression of the 1930s, raising taxes may have allowed for prompter re-armament, which might have helped avoid World War II.
Tedds and Petit estimate that next year, if inflation is three per cent, Albertans will be paying $570.2 million more in tax because of non-indexation, while if it’s five per cent the total will be $706 million. With inflation currently running at 7.7 per cent, maybe they should have looked at even worse scenarios.
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