Discover and read the best of Twitter Threads about #BudgET2023
Most recents (24)
Pierre Poilievre has said that he’s going to filibuster #Budget2023.
So, here’s a thread outlining all the things he wants to cut:
1/8
So, here’s a thread outlining all the things he wants to cut:
1/8
1. The Canada Dental Plan
🦷 We've provided dental care to 300K children under 12 & we're working to expand the dental care plan to help over 9 million uninsured Canadians, including seniors by the end of 2023.
Poilievre tried to delay & eventually voted against it.
2/8
🦷 We've provided dental care to 300K children under 12 & we're working to expand the dental care plan to help over 9 million uninsured Canadians, including seniors by the end of 2023.
Poilievre tried to delay & eventually voted against it.
2/8
2. Healthcare Funding
🏥We're making historic investments in healthcare to reduce wait times, improve access to family health teams.
Poilievre won't support that plan. What else can we expect when year after year, Harper cut the growth rate of health funding for 10 yrs.
3/8
🏥We're making historic investments in healthcare to reduce wait times, improve access to family health teams.
Poilievre won't support that plan. What else can we expect when year after year, Harper cut the growth rate of health funding for 10 yrs.
3/8
The Albanese Govt stumbled into victory last year on the promise they’d leave no one behind. Not a year into government, their budget tonight shows how quickly they’ll betray their roots and the millions desperate for help. A quick breakdown of #Budget2023: (🧵)
DISABILITY🦽 $74.3b ripped from the NDIS over the next 10 years is *unconscionable* when people still so often aren't getting the funding they need in their plans. No funding for Royal Commission implementation, either. Shame, shame, shame.
HEALTH 🩺 No dental into Medicare. No reinstatement of the life-saving better access scheme. Good to see opioid dependency funding (a Greens win!), and $3.5b into tripling Medicare rebates for young families, older folks and concession holders, but what about everyone else??
#BUDGET 2023: main headlines for you
- $40/fortnight increase to ALL on Jobseeker, youth allowance, Austudy
- plus extra $ for those 55+ (now 60)
- boosting max rent assistance rate by 15%
- $3bn for energy bill relief (amount differs by state)
- $40/fortnight increase to ALL on Jobseeker, youth allowance, Austudy
- plus extra $ for those 55+ (now 60)
- boosting max rent assistance rate by 15%
- $3bn for energy bill relief (amount differs by state)
#Budget2023: BIG STUFF
- projected $4 billion surplus
- NO word on future of stage 3 tax cuts: Chalmers projects they cost $69bn (not nice) over forwards
- growth down to 1.5% next yr, unemployment to 4.5%
- inflation to fall to 3.25% next yr
follow live: theguardian.com/australia-news…
- projected $4 billion surplus
- NO word on future of stage 3 tax cuts: Chalmers projects they cost $69bn (not nice) over forwards
- growth down to 1.5% next yr, unemployment to 4.5%
- inflation to fall to 3.25% next yr
follow live: theguardian.com/australia-news…
#BUDGET2023: COST OF LIVING
- $14.6b package, as we knew
- $40/fortnight increase to Jobseeker, youth allowance & more (details below)
- Cwth rent assistance: max cap goes up 15% (benefits 76% of CRA recipients)
- more incentives for GP bulk billing
- $14.6b package, as we knew
- $40/fortnight increase to Jobseeker, youth allowance & more (details below)
- Cwth rent assistance: max cap goes up 15% (benefits 76% of CRA recipients)
- more incentives for GP bulk billing
THIS IS THE START OF MY THREAD ON THE FEDERAL BUDGET. #Budget2023
I’ll be looking specifically for things related to the cybers or digital life or adjacent issues.
The documents will be at budget.gov.au from 1930 AEST. To begin, some hints for understanding them...
I’ll be looking specifically for things related to the cybers or digital life or adjacent issues.
The documents will be at budget.gov.au from 1930 AEST. To begin, some hints for understanding them...
The one I always hit first is Budget Paper No. 2. This lists and explains all the individual “budget measures”, which are the changes to every line item since the previous Budget or now-usual Mid-Year Economic and Fiscal Outlook (MYEFO). #Budget2023
Programmers, think of Budget Paper No. 2 as a set of diffs, with copious comments. #Budget2023
It's #Budget2023 Day!
If the leaks are true, it's peanuts for those on welfare, and tax cuts for high-income earners.
Here are 16 reasons why the Stage 3 tax cuts should be scrapped 🧵#auspol
If the leaks are true, it's peanuts for those on welfare, and tax cuts for high-income earners.
Here are 16 reasons why the Stage 3 tax cuts should be scrapped 🧵#auspol
1/ FACT: the Stage 3 tax cuts are massively expensive and massively unfair
The Stage 3 tax cuts are forecast to cost at least a quarter of a trillion dollars ($254 billion) over a decade, of which $117.6 billion will go to those earning more than $180,000 a year. #auspol
The Stage 3 tax cuts are forecast to cost at least a quarter of a trillion dollars ($254 billion) over a decade, of which $117.6 billion will go to those earning more than $180,000 a year. #auspol
2/
Every dollar of the Stage 3 tax cuts to the wealthy ($254billion), is a dollar not spent on government services that are crying out for funds like Aged Care and Medicare, or increasing the rate of Jobseeker above the poverty line. #auspol
Every dollar of the Stage 3 tax cuts to the wealthy ($254billion), is a dollar not spent on government services that are crying out for funds like Aged Care and Medicare, or increasing the rate of Jobseeker above the poverty line. #auspol
My piece covering the Clean Air Forum is finally out in The Saturday Paper!
I explore how clean indoor air has been an issue long before the pandemic, which "cost Australia more than $12 billion a year due to ill health and lost productivity."
#auspol
thesaturdaypaper.com.au/life/environme…
I explore how clean indoor air has been an issue long before the pandemic, which "cost Australia more than $12 billion a year due to ill health and lost productivity."
#auspol
thesaturdaypaper.com.au/life/environme…
CMO Paul Kelly set the forum a challenge, and it was taken up by "experts in fields ranging from medicine to architecture, engineering and occupational health and safety [who] gathered with politicians at Parliament House."
#auspol #COVIDIsAirborne
#auspol #COVIDIsAirborne
As CHO Brett Sutton announced at the start of the forum, it's clear that we need a #CleanAirRevolution!
And Australia could play a leading role.
And Australia could play a leading role.
#Budget2023 and #NetZero a thread. The UK is lagging behind in its commitment to achieving a drastic reduction in GHG emissions & protecting us against climate change.
#Budget2023 has an industrial strategy. However, it is clear that it will be insufficient to meet the requirements of #NetZero in the right place, in a timely manner in order to reach the target by 2040, not 2050. We are in war-time crises of an unprecedented kind.
Russia has been waging a cyber war against the West for at least 10, if not 15, years. Now due to #Brexit, #COVID19 , & #WarInUkraine, prices, especially energy & food, are spiking, but the Tory govt is either inadequate or absent in response.
🧵The #fiscalconservativemyths around good government being dependent on #balancedbudgets and ridiculous comparisons of government budgets to household budgets is about to arise yet again. Let's check these myths out.
Do economists believe that the budget should be balanced each fiscal year? No, a budget should be balanced only on average; it can be in a deficit during a recession and offset by surpluses when the economy is doing well.
A balanced budget refers to total budget expenditure being equal to the total budget receipts. Adam Smith and other classical economists advocated the concept of balanced budget. They claimed a balanced budget is the best since it has a neutral effect on the economy.
📒 Gist of further amendments relating to Indirect taxes proposed in Finance Bill, 2023
1. The amendments relating to Customs and Goods and Services Tax (GST) shall come into effect from the date to be appointed by the Central Government through notification
>> a Thread>> 👇 twitter.com/i/web/status/1…
1. The amendments relating to Customs and Goods and Services Tax (GST) shall come into effect from the date to be appointed by the Central Government through notification
>> a Thread>> 👇 twitter.com/i/web/status/1…
2. The deferment of duties in respect of goods imported under Manufacture and Other Operations in Warehouse Regulations (MOOWR) is now being restricted to duties other than IGST & compensation cess. In other words, IGST and Cess are payable on import of goods under MOOWR
3. Provisions of compulsory registration will not apply only where the person is exempted from obtaining registration through a notification issued under section 23(2) of Central Goods and Services Tax Act, 2017. #GST #Budget2023
🧵 Poilievre's #misinformation saying the federal govt has done nothing on #housing is bogus. #Housingsupply is a primarily a Provincial & Municipal issue. During 2022 the federal govt has taken significant steps towards making housing more affordable for Canadians including:
#Budget2023 announces that financial institutions will be able to start offering the Tax-Free #FirstHomeSavingsAccount to Canadians as of April 1, 2023.
#Budget2023 announces the government's intention to support the reallocation of funding from the National Housing Co-Investment Fund's repair stream to its new construction stream, as needed, to boost the construction of new affordable homes for the Canadians who need them most
Make no mistake #Canada's #Budget2023 is a war budget. No other federal program received more 💰 than @NationalDefence. $55 billion for @NATO & @NORADCommand programs & more weapons ⬇️ China, Russia & Iran called threats. 1/3 🧵
@cafreeland @FinanceCanada @VOWPeace @WBWCanada
@cafreeland @FinanceCanada @VOWPeace @WBWCanada
Canada's budget also has special feature on new fighter jets ⬇️ $19 billion for #F35s + $7B for new runways. @JustinTrudeau invests more in militarizing the Arctic than protecting it. #GroundTheF35
#Budget2023 Is Not #YourBudget.
Read: bit.ly/3zfklbz @nofighterjets 2/3
#Budget2023 Is Not #YourBudget.
Read: bit.ly/3zfklbz @nofighterjets 2/3
Govt prioritizes Ukraine over climate. #Budget2023 has 65 references to #Ukraine, only 49 mentions of #climate though we're in a #ClimateEmergency. Lots of $ for military too little for climate. Read: bit.ly/3zfklbz #Demilitarize
#IPCCReport #StopTheWar #ActOnClimate 3/3
#IPCCReport #StopTheWar #ActOnClimate 3/3
#Budget2023 A Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future. The 2023 federal budget is the government’s plan to build a stronger, more sustainable, and more secure Canadian economy—for everyone.
View the budget budget.canada.ca/2023/report-ra…
View the budget budget.canada.ca/2023/report-ra…
#Budget2023 PDF download budget.canada.ca/2023/pdf/budge…
#Budget2023 makes hefty investments in clean economy, health and affordability but mostly misses the mark on how to pay for it. 1/4
The good news: stock buyback tax announced in the fall financial update and a new tax on dividends in the financial sector will bring over $1 billion a year from rich corporations. 2/4
The bad news: NO expansion the excess profits tax to other sectors as recommended by FINA, NO movement to match Biden's 15% minimum book profits tax to limit corp tax avoidance, AND continuation of huge tax loopholes like 50% discount on capital gains means one thing: 3/4
🧵For those fretting that incremental measures in today's 🇨🇦 #Budget2023 will somehow fan the flames of inflation, please remember: The fiscal foot has been firmly on the brake for 2 yrs. Program spending is down 1/3 since COVID peak. Down 12% in first 9 mos of this fy #cnecon /2
And for those who believe inflation is caused by deficits, please remember: 98% of the COVID deficit has been eliminated. Deficit over 1st 9mos of this fy was just $5.5b (Fiscal Monitor). Year-end deficit may be padded in the budget. But the deficit is effectively gone. /3
And for those who claim giving a tidbit of aid to low-income households (through extension of enriched GST credit) will fuel inflation, please remember: the $2.5b cost of that credit = 0.4% of total consumer spending (over 6 mos). No possible impact on overall price level. /4
@PierrePoilievre 🧵Let's unpack the misleading @PierrePoilievre meme ⬆️ by examining Liberal #Budget2023 tax provisions.
A re-elected Liberal government will: Raise #corporateincometaxes on the largest, most profitable banks and insurance companies who earn more than $1 billion per year and⬇️
A re-elected Liberal government will: Raise #corporateincometaxes on the largest, most profitable banks and insurance companies who earn more than $1 billion per year and⬇️
@PierrePoilievre introduce a temporary #CanadaRecoveryDividend that these companies would pay in recognition of the fact they have recovered faster and stronger than many other industries.
Create a #minimumtaxrule so that everyone who earns enough to qualify for the top bracket pays at least ⬇️
Create a #minimumtaxrule so that everyone who earns enough to qualify for the top bracket pays at least ⬇️
@PierrePoilievre 15 % each year (the tax rate paid by people earning less than $49,000), removing their ability to artificially pay no tax through excessive use of deductions and credits.
Note: A tax on luxury cars, boats, and planes came into force on September 1, 2022. ⬇️
Note: A tax on luxury cars, boats, and planes came into force on September 1, 2022. ⬇️
#Budget2023: Will the Government Stay the Course on Deficit Reduction? The federal budgetary deficit has fallen from a COVID-related record high of $328 billion in 2020-21 (14.9 percent of GDP) to an estimated $36 billion in 2022-23 (1.3 percent of GDP). policymagazine.ca/budget-2023-wi…
#Budget2023: Canada Needs to Get Fundamentals Right Again. What can and should be done? In today’s dynamic and volatile global environment, there are several key determinants of productivity, competitiveness and growth that deserve urgent attention. policymagazine.ca/a-look-ahead-t…
#Budget2023 'Targeted inflation relief' coming in 2023 federal budget, Freeland says. The coming 2023 federal budget will "exercise fiscal restraint" while also making "significant" investments in Canada's health-care system and building a clean economy. ctvnews.ca/politics/targe…
Buy Electric Vehicle before 31st March 2023 if you want tax benefits.
Let's understand 🧵
Let's understand 🧵
Indian Government in Union Budget 2019 announced an Incentive for the "Purchase of Electric Vehicles."
This has been done by Incentivizing manufacturers and consumers directly.
One such measure was the introduction of Section 80EEB in the Income Tax Act of 1961
This has been done by Incentivizing manufacturers and consumers directly.
One such measure was the introduction of Section 80EEB in the Income Tax Act of 1961
Apart from Income Tax Benefits, several states announced the exemption of Road Tax for buying electric vehicles.
Also, there are subsidies under FAME Scheme for buying electric vehicles.
But we will discuss about Income Tax benefits👇
Also, there are subsidies under FAME Scheme for buying electric vehicles.
But we will discuss about Income Tax benefits👇
1/ There's no doubt whatsoever that the changes announced in #Budget2023 will significantly help #NHSpensiontaxcrisis @JosephineCumbo
Many have contacted me since last week to say they are changing plans
Would make 3 points
(i) The media focus is on LTA but changes made to AA
Many have contacted me since last week to say they are changing plans
Would make 3 points
(i) The media focus is on LTA but changes made to AA
2/ in the level has increased, and also a partial fix to #FixNegativePIAs and also minor changes to the taper. All of these will help doctors not reduce hours & avoid extras
(ii) The media focus is also on retirements only, but capacity in the NHS is also about how much work one
(ii) The media focus is also on retirements only, but capacity in the NHS is also about how much work one
3/ can do *before* retirement. Changes to AA & LTA will help reverse the trend to reduce hours where people were being stung unfairly by both taxes. This element of 🔼hours much more likely to make a big long lasting impact
THREAD
UK govt has just days to update its net-zero strategy, which was ruled unlawful by the high court last yr
After this week's #Budget2023 failed to meaningfully move things forward, where do things stand?
carbonbrief.org/uk-spring-budg…
UK govt has just days to update its net-zero strategy, which was ruled unlawful by the high court last yr
After this week's #Budget2023 failed to meaningfully move things forward, where do things stand?
carbonbrief.org/uk-spring-budg…
Let's wind back to last year's high court ruling, which forced govt to admit its plans for cutting emissions only added up to 95% of the cuts needed under legally-binding UK goals
(The attached table had not been made public before the legal challenge)
judiciary.uk/wp-content/upl…
(The attached table had not been made public before the legal challenge)
judiciary.uk/wp-content/upl…
Court said govt plans needn't add up to 100% but said risk of policies not delivering as planned was "all-important" & shld have been taken into account
➡️Delivery risk is a key theme
judiciary.uk/wp-content/upl…
➡️Delivery risk is a key theme
judiciary.uk/wp-content/upl…
After a Budget where beer was mentioned more than housing, what will the next year look like for renters already struggling with rocketing rents and the lack of affordable homes?
We explore - a #Budget2023 thread.
We explore - a #Budget2023 thread.
Firstly, the government missed the crucial chance to unfreeze local housing allowance.
LHA determines the amount of housing benefit or universal credit housing allowance that private renters can receive and has been frozen since 2020. In that time, rents have rocketed.
LHA determines the amount of housing benefit or universal credit housing allowance that private renters can receive and has been frozen since 2020. In that time, rents have rocketed.
Unfreezing housing benefit would help people cope with rising rents and prevent more families becoming homeless this year.
We already know that over HALF of renters receiving housing benefit have a shortfall, on average a whopping £151 per month.
We already know that over HALF of renters receiving housing benefit have a shortfall, on average a whopping £151 per month.
💷 Feeling a bit behind on the #Budget2023?
Here's a handy thread to catch you up 🧵
First, a roundup of the most important points from Jeremy Hunt's speech⬇️
telegraph.co.uk/business/2023/…
Here's a handy thread to catch you up 🧵
First, a roundup of the most important points from Jeremy Hunt's speech⬇️
telegraph.co.uk/business/2023/…
🔴 But what about everything that followed?
Here's everything you need to know 👇
Here's everything you need to know 👇
⚠️ Hunt is facing backlash from Tory MPs for failing to cut the tax burden, as it emerged a Treasury stealth raid would raise £120 billion over five years
Read more on that here ⤵️
telegraph.co.uk/business/2023/…
Read more on that here ⤵️
telegraph.co.uk/business/2023/…
The biggest change to personal tax coming next month wasn't announced yesterday, but is the income and NICs threshold freezes announced last year.
The additional tax burden for most basic-rate taxpayers will be about £500, while for most higher-rate taxpayers it will be £1000.
The additional tax burden for most basic-rate taxpayers will be about £500, while for most higher-rate taxpayers it will be £1000.
Isaac Delestre presents the changes to the lifetime allowance and annual allowance following yesterday's #Budget2023 announcements.
Carl Emmerson presents on the public finance risks and the public spending in our #Budget2023 analysis event.
Watch live here:
Watch live here:
The @OBR_UK are now among the most optimistic of forecasters on growth, and expect the economy to be 0.6% bigger in 2027 than under its previous forecast.
This would be stronger growth than under @bankofengland's forecast, but still poor compared to the long-run average.
This would be stronger growth than under @bankofengland's forecast, but still poor compared to the long-run average.
Inflation may be coming down, but prices remain much higher than two years ago and earnings haven’t caught up.
@OBR_uk’s still projects that real household disposable incomes will be no higher in 2027 than they were in 2019.
@OBR_uk’s still projects that real household disposable incomes will be no higher in 2027 than they were in 2019.
STARTING NOW: Spring Budget 2023 IFS analysis
Watch our overnight analysis of yesterday's #Budget2023 here:
Watch our overnight analysis of yesterday's #Budget2023 here:
.@PJTheEconomist opens our event with his opening remarks, followed by four presentations on the public finances and public spending, tax changes, the changes to Universal Credit and disability benefits and childcare changes.
Watch live here:
Watch live here:
@PJTheEconomist: “The overall outlook for the public finances still looks difficult.”
“Tax continues to rise to its highest ever level,” but “even with very tight spending pencilled in from 2024, debt is barely falling.”
#Budget2023
“Tax continues to rise to its highest ever level,” but “even with very tight spending pencilled in from 2024, debt is barely falling.”
#Budget2023
