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Reality Check: The NDP’s tax haven plan is from Fantasy Island

Posted on April 27, 2011

The NDP platform says it can find $8.6 billion in new revenue  going forward by closing “tax havens” – $1 billion, $2 billion, $2.4 billion and $3.2 billion in years one through four, respectively.

Not so fast, Jack. Here are some questions you need to answer:

Question 1:

What “tax havens”? Tax havens for individuals? For companies? Which tax rules have resulted in up to $3.2 billion in tax losses each year?

Question 2:

How does Jack Layton arrive at his calculations?

That’s a pretty precise but irregular schedule for revenues – how is that calculated exactly?
Question 3:

Budget 2011 has already proposed to close several tax loopholes, but the Department of Finance projects it will only find $240 million in year one, rising to $1 billion annually in year four.

Is Jack Layton’s plan proposing to find $3.2 billion a year ON TOP of those savings already found by the Department of Finance?

Here’s a possible alternative explanation for these numbers – Jack needed that money to balance his platform, so he simply made them up.

Jack Layton is using fantasy money to pay for fantasy promises he can’t fulfill. He has already admitted to a $3.6-billion hole in his platform and backed away from the green promises and his plan to immediately hire new doctors and nurses – even though he put his signature to it.

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Reality Check: NDP promises based on fantasy money