New Fiscal Reference Tables dropped in December 2024. Gonna whip up a chart this afternoon! www.canada.ca/en/departmen... - ThreadSky

kevinmilligan.bsky.social • 13 days ago

New Fiscal Reference Tables dropped in December 2024. Gonna whip up a chart this afternoon!

https://www.canada.ca/en/department-finance/services/publications/fiscal-reference-tables/2024.html

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kevinmilligan.bsky.social•13 days ago

Guess: in what year did federal customs revenue first exceed personal+corporate income tax?

stillots1.bsky.social•13 days ago

Oops. You mean in what year did the personal plus corporate income tax revenue exceed Federal Customs revenue I think! The current version just about broke my brain

kevinmilligan.bsky.social•13 days ago

uh, yeah I had that reversed!

Shirley--did the 1935 King Liberals run on a big income tax increase? Looks like a pretty massive revenue jump in income taxes in 1934-1936. +50% in two years.

1933 56
1934 61
1935 76
1936 94
1937 110
1938 132
1939 123
1940 236
1941 482
1942 832
1943 1009

stillots1.bsky.social•13 days ago

I think the changes from the Rhodes budgets of 33 and 34 were probably more significant in improving collections than was any subsequent rate change. I will check some notes later, but that's my recollection. I think I can also dig up an explanation for that drop in corporate income tax after 1952

stillots1.bsky.social•13 days ago

The Rhodes (Conservative)budget of 1935 contained a couple of PIT measures that may have been productive: 1. surtax on investment income over $5k and all income over $14k deemed investment income. 2. Gift tax (yet another anti-avoidance measure). King's campaign avoided policy and he was +

stillots1.bsky.social•13 days ago

critical FDR and New Deal. He kept all the income tax increases that Rhodes had intro'd.

The investment surtax generated about 50% increase in tax on an income of $100k. Incomes over $50k generated about 50% of PIT revenue. So that surtax prob did a lot. +

kevinmilligan.bsky.social•13 days ago

Federal government revenues from Income tax (personal and corporate) and from Customs duties. 1867-2023.

Crossover year is 1935; first year of new King government.

Sources:
Historical Statistics of Canada https://www150.statcan.gc.ca/n1/pub/11-516-x/sectionh/4057752-eng.htm
Fiscal Reference Tables
https://www.canada.ca/en/department-finance/services/publications/fiscal-reference-tables/2024.html

jdavey.bsky.social•13 days ago

This personal vs corporate revenue 🐊 graph is one of my favourites.
What happened in 1952? 🤔

kevinmilligan.bsky.social•13 days ago

What happened in 1952? I don't know.

philippebergeron.bsky.social•13 days ago

Corresponds with my understanding that income tax was brought in “temporarily” to defray the cost of WW1.
Assuming the U.S. experience is similar(?), explains Trump’s “Golden Age” talk when, among other things, tariffs instead of personal and corporate taxes funded government.

kevinmilligan.bsky.social•13 days ago

It was literally called "The Income War Tax Act, 1917".

kevinmilligan.bsky.social•13 days ago

Bonus: added "Postal revenue" to the chart. It used to be like 10% of government revenue!

It stopped being broken out separately in 1975.

mdrelichman.bsky.social•13 days ago

Weekend economic history at its finest!

kevinmilligan.bsky.social•13 days ago

People calling for the US govt to be run off tariff revenue alone lack ambition. Real tough guys would do it off USPS revenue.

pbowmanwpg.bsky.social•13 days ago

How is this scintillating bonus content not behind a paywall? Huzzah!

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