Mr. Speaker, this motion has come up in the House over the last couple of days. The opposition leader yesterday said: “A two income family and a one income family, each with children, each earning $50,000 a year, are taxed differently by this government. The one income family is penalized up to $4,000 more than the two income family”.
I believe that is what the member was referring to in his speech when he compared two $30,000 income earners to one $60,000 earner, the comparative rates.
The member said, if I quote him correctly, that each of the two income earners earning $30,000 apiece, or just below at $29,950, the first bracket break, is at 17%. He went on to say, however, the one income earner making $60,000 is taxed at 26%. I believe I heard the member correctly. He said $60,000 is taxed at 26%.
Is the member not aware that in our income tax system the first $29,950 is taxed at 17% and the next $29,950 is taxed at 26% and anything over $59,000 et cetera is taxed at 29%? Why did the member suggest to the House that a $60,000 income earner was paying a federal tax rate at 26% when in fact it is only 21%?