The Toronto Taxpayers Coalition has issued a warning that property taxes could increase up to 34% if city council is unable to find spending cuts. Coalition president Matthew McGuire said, “It’s a ticking tax time-bomb. If spending is not curbed, homeowners face a potential tax increase of more than a third, and tenants will be hit with a nearly 10% rent increase.” The coalition was accused of fear-mongering, but McGuire pointed out the calculation was made using city numbers. He pointed out that a 1% property tax increase would raise $22.6 million in revenue, and noted the $774 million budget shortfall could be made up with a 34% property tax increase.
Newstalk1010′s Josh Matlow interviews a spokesman from the Toronto Taxpayers Coalition about the ticking tax time bomb situation at City Hall.
Whereas the City of Toronto urgently needs to address it’s $774 million budgetary pressures for 2012 as a result of years of overspending, and;
Whereas funding this shortfall with property taxes would cause a 34.1% tax hike for property owners and an ensuing 10% rent increase for tenants, and;
Whereas City Councillors and the Mayor’s office have already reduced their budgets by a significant amounts, thus setting a corporate-wide example, and;
Newstalk1010′s Ted Wolyshyn interviews a spokesman from the Toronto Taxpayers Coalition about the Ontario Liberal Party’s campaign promise of refunds for late GO Trains and for long waits at Service Ontario kiosks.
Toronto Mayor Rob Ford has introduced a cost-cutting plan that is under intense criticism by left-wing groups and councillors. Ford has reportedly received three death threats since he has revealed his plan. Potential service cuts have found both defenders and detractors, but question nobody has yet been able to answer: If spending is not curbed, how will city council deal with the huge budgetary shortfall?
Statistics from the Toronto Taxpayers Coalition, calculated using figures from the City of Toronto, show that the $774 million gap could be filled by increasing residential property taxes by 34%. Tenants would not be off the hook either, facing a likely 10% rent hike as a result.
As Toronto’s city council debates over whether or not to cut services, the Toronto Taxpayers Coalition is warning that if council is unable to curb spending, Toronto homeowners face a property tax hike of up to 34%.
Coalition president Matthew McGuire said “It’s a ticking-tax time bomb. Homeowners face a potential tax increase of more than a third, and tenants will be hit with a nearly 10% rent increase.”
Newstalk1010′s Ben Mercer interviews a spokesman from the Toronto Taxpayers Coalition about the ticking tax time bomb situation at City Hall.
While many people in Toronto are crying foul about any kind of service cuts or reductions to help the city meet its budget shortfall next year, a taxpayer lobby group says cut away or expect a huge tax hike in 2012.
The Toronto Taxpayers Coalition says if no cuts are made, a 34 per cent property tax hike and 10 per cent rent increase would be required to balance out the city’s budget.
Whereas the Fair Wage Policy distorts the labour market by increasing labour costs and reducing competition;
Whereas eliminating the Fair Wage Policy will allow Toronto taxpayers to save tens of millions of dollars per year on contracted services;