CARE Releases New Report - Promoting Tax Fairness in NL through the Personal Income Tax System
A new report that reviews Newfoundland and Labrador’s Personal Income Tax System and discusses income inequality and tax progressivity in the province was released on April 23, 2015 by Memorial’s Collaborative Applied Research in Economics (CARE) initiative.
The report recognizes the current progressivity of the province’s personal income tax system but mentions there may be room for changing income tax rates to improve the progressivity. This was concluded from analysis performed using five different scenarios.
The report further highlights income inequality issues in Newfoundland and Labrador. It appears that most families are doing better in terms of income but the “poorest of the poor”, not so much. This trend extends to couple families, lone parent families, and single individuals.
Please refer to this link for a full copy of the presentation. The full report will be coming soon.