Federal Finance Minister Paul Martin unveiled his budget on Tuesday and it contained - hold your breath - tax cuts.

But while any tax relief is welcome, Tuesday's tax cuts are a paltry down payment from Ottawa. Mr. Martin's $1.5 billion worth of tax cuts compares with $10 billion recommended by the Canadian Taxpayers Federation.

was raised by $675 from $6,456 to $7,131, though that only kicks in July 1st. Mr. Martin claims that increase makes up for inflation since 1992 (the last time the exemption was raised.) Well- not quite. If that were true, he would have raised the exemption by $820 to $7,276. And chew on this number: If your basic exemption had been raised for inflation since 1988, your first would not be taxable.

Your income tax thresholds have not moved as a result of Tuesday's budget. You still pay 26% federal tax on taxable income above $29,590. If Ottawa had indexed that tax bracket for inflation since 1988, it would be $36,690.

That means instead of paying 17% federal tax on taxable income between $29,590 and $36,690, you're paying 26%, (plus the provincial taxes tacked on top.) Ditto for the next tax bracket, where you pay 29% federal tax on taxable income between $59,180 and $73,98, instead of 26%, had Ottawa adjusted the bracket for inflation.

This was eliminated last year (starting July 1) for those earning under $50,000. It has now been dumped completely, but again, only as of July 1.

It stays. No relief here.

While most Canadians wanted more spent on health care, here's a (very) short and incomplete list of some other extra spending, much of which could be labeled 'pork':

Technology Partnerships Canada gets an additional $50 million.

This is pure pork for corporate Canada through the federal department of Industry. Industry Minister John Manley wanted $100 million, and had the Canadian Taxpayers Federation not released a damning two-volume report on Industry Canada waste last year, he might have received his full request. . This is pure pork for corporate Canada through the federal department of Industry. Industry Minister John Manley wanted $100 million, and had the Canadian Taxpayers Federation not released a damning two-volume report on Industry Canada waste last year, he might have received his full request.

The Canadian Space Agency: $430 million over three years.

You thought mankind made it to the moon already Someone forgot to tell the CSA. . You thought mankind made it to the moon already Someone forgot to tell the CSA.

Youth Employment Strategy: $465 million over three years.

Figure this out. Paul Martin raises overall payroll taxes, thus making it difficult for business to hire young people and train them. And Ottawa's solution for youth employment

Funnel money through a bureaucracy and bribe business to hire employees they might have hired had payroll taxes not been so high. The longest distance between young Canadians and a job is through Ottawa's nutty 'employment strategies.'

Not including the corrosive effects of bracket creep, someone earning $45,000 in 1999 will see about a $121 reduction in their taxes after EI and personal income tax cuts combined with higher CPP taxes are figured into the equation. Be thankful for small gifts, but don't let Mr. Martin off the hook during the next year. You deserve much more.