What are options for tax reform?
There are many options for tax reform. Some people would like to change the personal income tax system. This may involve reducing the top marginal tax rate from 47 cents in the dollar down to 30 cents. Alternatively, one might ask for the thresholds to change, so people have to earn $150,000 before paying 47 cents in the dollar instead of $95,000 as it is now. Or one could ask for the $6000 tax free threshold to increase.
Other taxes include indirect taxes such as the GST could be changed, such as reducing the amount of exemptions or increasing them. Or one could suggest increasing the rate from 10% to 12.5% or even 15%.
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