Mayor Miller, pay the surplus back!Return 2004 surplus to the taxpayers who paid it
TORONTO: The Canadian Taxpayers Federation (CTF) Ontario Division called on Mayor David Miller and Toronto Council to return the estimated $30 million budget surplus from 2004 to the city's property taxpayers.
"It is ridiculous that the city continues to hike property taxes while posting a surplus. This money represents overtaxation and should be returned to the people who paid it," said CTF Ontario Director Tasha Kheiriddin.
The 2005-06 budget business tax increase of 1.5% is projected to net the city $27 million while the residential property tax increase of 3% will take an additional $34 million from homeowners.
"The Mayor could give all taxpayers a break, or could choose to cancel the tax hike for Toronto businesses, who are already paying the highest commercial taxes in the GTA. These taxes hurt all Torontonians, by driving businesses and jobs out of the city and increasing the cost of goods and services sold here, " said Kheiriddin.
As the chart below shows, Toronto's commercial tax rates are the highest in the region, almost three times the rate of Mississauga and York Region. According to the Toronto Board of Trade, companies leaving the megacity have taken 37,000 jobs with them since 2000.
"It is ridiculous that the city continues to hike property taxes while posting a surplus. This money represents overtaxation and should be returned to the people who paid it," said CTF Ontario Director Tasha Kheiriddin.
The 2005-06 budget business tax increase of 1.5% is projected to net the city $27 million while the residential property tax increase of 3% will take an additional $34 million from homeowners.
"The Mayor could give all taxpayers a break, or could choose to cancel the tax hike for Toronto businesses, who are already paying the highest commercial taxes in the GTA. These taxes hurt all Torontonians, by driving businesses and jobs out of the city and increasing the cost of goods and services sold here, " said Kheiriddin.
As the chart below shows, Toronto's commercial tax rates are the highest in the region, almost three times the rate of Mississauga and York Region. According to the Toronto Board of Trade, companies leaving the megacity have taken 37,000 jobs with them since 2000.