Taxpayers will be on the hook later for today’s COVID-19 largesse: Don Pittis

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Discussion posted by: Arye ben-Shaoul

As procrastinators buckle down for the fast-approaching June 1 extended federal tax deadline, it’s worth recalling that income taxes were an innovation in 1917 to deal with a previous fiscal crisis. Last week, Canadian Finance Minister Bill Morneau insisted that despite the nation’s current financial pickle, he is not contemplating raising taxes just now, even as the Parliamentary Budget Office suggested public debt could this fiscal year for the first time reach $1 trillion at the federal level alone…. It is well documented that voters love handouts and new spending from one finance minister but normally loathe the tax increases or austerity when a later finance minister decides spending is getting out of hand.