Could the Minister of Finance confirm that if a Newfoundland parent of three disabled children in a family with a total income of $35,000 were to earn an extra $1,000 working overtime in 2003, the following would be lost to taxes and clawbacks: ( a ) $220 in federal taxes; ( b ) $162 in provincial tax on taxable income; ( c ) $50 in clawback of Goods and Services Tax credit; ( d ) $321 in clawback of National Child Benefit and Child Disability Benefit; ( e ) $50 in clawback Canada Child Tax Benefit; ( f ) $15 in Employment Insurance net of federal and provincial tax credit; ( g ) $36 in Canada Pension Plan net of federal and provincial tax credit; and ( h ) the total of the above being $854, which equals to an effective marginal tax rate of 85.4 per cent of the additional amount earned?
In the House of Commons on June 10th, 2003. See this statement in context.