MGSC03H3 Lecture Notes - Lecture 5: Common Sense Revolution, United Kingdom Cabinet Committee, Compstat
Document Summary
Taxes: mainly income tax, hst, corporate income tax, duties, depends on ppl making money, level of economic activity, rate of taxation. Trudeau govt reduced in for middle class, rich increased. Program expenditure: transfers to provinces for health, various forms of social insurance - cpp, old age security , ei. Statutory transfers to indivduals: defense, envrironment, regulatory, courts, some fixed by law, the laws that define how cpp or ei works, unless they change, those expenditures will continue based on the current legal system. Govt issues debt, have to pay interest. Second last line - how much debt is out there, 600 b. Paying 26 billion interest, 4 or 5 % Owed to anyone who has bonds, treasury bills, long term debt, real interest bonds , some by pension plans, foreigners. Federal debt going down, gdp is expected to grow. Compared to other countries, our debt to gdp ratio is the lowest of g7.
