Wealthy husbands will cash in big time from Stephen Harper’s income splitting scheme

Are you a wealthy man?

Does your wife earn significantly less than you do — or nothing at all?

Do you worry how you’re going to make ends meet on only $200,000 per year?

Worry no longer, man. The Conservatives have heard you. Help is on the way.

It’s called income splitting (or “the family tax cut,” as the Conservatives want you to think about it). It works by letting higher-earning spouses shift up to $50,000 of their income to a lower-earning spouse as a way of lowering the taxes they pay (with a benefit cap of $2,000).

Stephen Harper says this is one way he’s working to help “hard-working Canadian families make ends meet.”

The problem is an ever growing number of economists and tax experts are stepping forward with hard numbers that show the $12.650 billion scheme disproportionately benefits high-income earners representing a very small percentage of all Canadian families.

Continue reading: http://www.pressprogress.ca/en/post/wealthy-husbands-will-cash-big-time-stephen-harpers-income-splitting-scheme

PressProgress is a project of the Broadbent Institute.PressProgress advances progressive solutions and challenges conservative ideas with hard-hitting news and analysis.

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