TheTigerMaster
Superstar
I'm okay with a 1% or 0.5% sales tax within the City of Toronto to fund transit infrastructure within the City of Toronto, if the Province won't implement it themselves.
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Sheppard Line 4 Subway Extension (Proposed)
- Thread starter denfromoakvillemilton
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denfromoakvillemilton
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2 percent sales tax. Make it count.
TransitBart
Senior Member
What is the province's HST revenue?
rbt
Senior Member
Roughly $24B this year for Sales Tax revenue.
W. K. Lis
Superstar
I would rather have every urban region and city have a 1% transit sales tax. If the rural area or region has no transit, then no transit sales tax.
(Unless Moosonee wants to jump on the subway band wagon.)
(Unless Moosonee wants to jump on the subway band wagon.)
denfromoakvillemilton
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I was going to say 20 but wow. That could fund a lot over just 2 or 3 years.
WislaHD
Superstar
I wouldn't even mind political subways if we had this kind of revenue.
Toronto is the engine of the country, we need that kind of investment into our infrastructure.
edmundoconnor
Active Member
At this point, I think the Liberal caucus from Scarborough would rather have a boondoggle Sheppard subway extension from the PCs than a rather more sensible LRT plan from the Liberals. They get a subway AND they get none of the blame ehen costs skyrocket! Score!
drum118
Superstar
Ok!! If the province is generating $1 Billion for 1% of tax, how much comes from Toronto???
That X dollar generated by Toronto goes into general revenue with TTC getting some of that money yearly.
Lets use $500 million as Toronto share of the 1% tax. To do what is now plan for transit in 15 years will only generate $7.5 B and not close to the $30 B that will be needed and thats a low number in the first place.
As soon as you go from 15% sales tax to 17%, you are going to see a drop in revenue, as the non 416 will start to think is it worth to shop, visit Toronto and well do business there. Business would step back to see if its worth having offices and plants there to the point some will move out of the city.
At the same time, the province will reduce funding for transit to Toronto since they will see Toronto has that extra 1% tax return that they will not be seeing.
Do your Economics 101 homework first before saying what the tax should be.
That X dollar generated by Toronto goes into general revenue with TTC getting some of that money yearly.
Lets use $500 million as Toronto share of the 1% tax. To do what is now plan for transit in 15 years will only generate $7.5 B and not close to the $30 B that will be needed and thats a low number in the first place.
As soon as you go from 15% sales tax to 17%, you are going to see a drop in revenue, as the non 416 will start to think is it worth to shop, visit Toronto and well do business there. Business would step back to see if its worth having offices and plants there to the point some will move out of the city.
At the same time, the province will reduce funding for transit to Toronto since they will see Toronto has that extra 1% tax return that they will not be seeing.
Do your Economics 101 homework first before saying what the tax should be.
Rainforest
Senior Member
At present, the City of Toronto as well as all other Ontario municipalities are not allowed to charge their own sales tax. The provincial government would have to either collect the that tax on their behalf, or change the laws and allow the municipalities to charge sales taxes.
Indeed, a noticeable difference in the taxation level inside and outside Toronto will drive retail and other businesses out of the city. Maybe, a 0.5% difference is acceptable but anything more than that may be risky.
Perhaps the best solution is that the province levies a universal sales surtax, and then passes it to the municipalities where the monday are collected. Then, the municipalities can use the funds as suites them best. Big cities will build transit, small cities may invest in better roads, and remote / rural area might use the funds for better schools etc.
Indeed, a noticeable difference in the taxation level inside and outside Toronto will drive retail and other businesses out of the city. Maybe, a 0.5% difference is acceptable but anything more than that may be risky.
Perhaps the best solution is that the province levies a universal sales surtax, and then passes it to the municipalities where the monday are collected. Then, the municipalities can use the funds as suites them best. Big cities will build transit, small cities may invest in better roads, and remote / rural area might use the funds for better schools etc.
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crs1026
Superstar
Any sales tax should be GTA wide rather than city wide. The transit expansion program beyond the City of Toronto includes GO RER, GO electrification, LRT, and some subway construction.
Yeah, there will be endless screams and snivelling about who is paying X but getting less or more. But it levels the playing field so the retail issues are a bit less.
It will be interesting to watch when we finally get around to the debate on how to pay for it all.
- Paul
Yeah, there will be endless screams and snivelling about who is paying X but getting less or more. But it levels the playing field so the retail issues are a bit less.
It will be interesting to watch when we finally get around to the debate on how to pay for it all.
- Paul
TheTigerMaster
Superstar
How does this level the playing field?
Palma
Senior Member
what do they do with that land transfer tax? This is what i want to know.
Palma
Senior Member
Where is this 24B going? We won;t talk about the $B Liberals have wasted in those scandels
TransitBart
Senior Member
In today's low interest rate environment, it stays. Buyers pay it so it serves as a gentle brake on some sales. Besides it is a source of revenue currently for he city. It can be reviewed in five years after the sales tax is in place.