How Much Has The HST Cost British Columbians So Far?

TheGoldenEraIsStill
KillingUsVille


Norm Farrell has crunched the actual numbers and he figures that the combination tax grab/tax shift is costing rank and file British Columbians (i.e. those of us who don't have a direct lobbshop pipeline into the Premier's office, and/ the offices of his 'n her minions [eg. ministers]), approximately 3 billion dollars.

Yes.

Three BILLION.

Every year.

Here's Norm's kicker (but go read it all!):

...According to public accounts for the fiscal year ended March 31 2010, provincial sales tax revenue was $4.76 billion. In fiscal 2011, sales tax revenue was $5.51 billion. Rather than dropping as Colin Hansen predicted, it was up more than $700 million.

A year later in 2012, HST was $5.64 billion, an increase of 18%, almost $900 million from 2010....

....Of course, one other factor to consider is tax incidence, the effect of a particular tax on the distribution of economic welfare. We were told that, by moving to HST, businesses in British Columbia would save about $2 billion a year. Since HST actually brings in substantially more money and business was largely relieved from paying the tax, the policy move added almost $3 billion a year to the tax burden of consumers...

And if you were to break it down proportionally by income, I'm pretty sure you would see who has really been hit hardest by a hardline, non-progressive consumption tax.


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Speaking of hardline and non-progressive....I'll have more to say on the Fraser Institute's latest combination parlour trick/roof-top golf game soon....And yes, it will follow up on this, from John Moore....


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