(via NealeNews)
According to TD Bank report a Canadian dollar in pre-tax earnings doesn't go as far as it used to.
...The take-home pay of the average Canadian has barely advanced in the last 15 years and points to a need for Ottawa to cut taxes to promote growth, TD Bank said in a study released Tuesday.
The big bank said real after-tax incomes per worker are stagnant while at the same time, Canadians are receiving less bang for their taxpayer buck because a smaller proportion of government revenues is going into program spending than in past decades.
Rising pension plan premiums have also contributed "to an onerous tax burden on Canadian workers," TD said.
...Taxes on incomes have also become more onerous, he said.
"Income growth would have fared far better were it not for rising tax burdens, which went from trimming back incomes in the 1970s to giving them a brush-cut thereafter," Drummond said.
The rise in the tax burden is the price society is paying for past government deficits and policy shortcomings, the bank said.
...The bank said governments must take an active role in enhancing Canadian productivity in order to lift the real wages of workers and must also reduce the tax burden on individuals.
Wouldn't that be nice.
