According to a new study from the Fraser Institute, “it is clear that taxes have become the most significant item in family budgets, and that taxes have grown more rapidly than any other single item.”
The 2016 edition of the Canadian Consumer Tax Index, that the institute regularly compiles, doesn’t just look at income taxes. It tallies the total impact of all taxes including income, payroll, sales, liquor and fuel. In 1961, the average family shelled out a third of their income on taxes and just over half on basic necessities like food and housing. Today we pay just under half on taxes and a third on those necessities. More of our money now goes to the government than it does to feed, clothe and shelter our family.
Taxes have increased faster than inflation.
The bad news is that taxes like the current price of real estate can only go higher. – CINEWS