Tim Hudak Will Allow Family Income Sharing
TORONTO – Ontario PC Leader Tim Hudak, along with Ontario PC candidate Michael Lende, for Don Valley East, visited with Michael and Leslie Kraft and Steve Carroll at the Pleasantview arena to announce that an Ontario PC Government will allow Ontario couples to share their income for income tax purposes.
Currently under Dalton McGuinty the tax code treats families differently based on how their family income is earned. A middle-class family where one spouse chooses to work part time, or stay at home with the kids, is penalized compared to a couple with an identical family budget whose income is split evenly. In both cases, there really is a family budget and both families have similar needs, so it is unfair for one family to be penalized through our tax system.
A Tim Hudak government will change the tax system to allow all couples to share up to $50,000 of their income for tax purposes. For a typical middle class family with $70,000 in total income, this will save between $400 and $1400 per year.
QUOTES:
“For me, it comes down to fairness. Two middle class couples with identical family incomes and identical family budgets should not be treated differently based on how they live their life. Only our plan allows all couples to hold on to more of their own income. Only our plan provides families with real fairness and real relief.”
– Ontario PC Leader Tim Hudak
“Dalton McGuinty believes that if one parent chooses to work part time, or stay at home with the kids, they should be taxed more for it. I disagree. Regardless of who earns what, there is only one family budget and families with identical family incomes deserve fair and equal treatment from their government.”
– Ontario PC Leader Tim Hudak
QUICK FACTS:
- Under Dalton McGuinty, two people with taxable incomes of $35,000 each currently pay lower income taxes than two people earning $20,000 and $50,000 – even though both families are earning $70,000.
- An Ontario PC Government will change the tax system to allow all couples to share up to $50,000 of their income for Ontario tax purposes. For a typical family earning $70,000 – with one spouse earning $50,000 and another earning $20,000, this plan would provide $476 in savings.
- The United States, France, Germany, Belgium, Greece, Luxembourg, Portugal, Switzerland, Iceland, Ireland, Norway, Poland, and Spain all allow some form of income sharing
