The Atlantic Accord is an albatross around the neck of NL taxpayers and businesses.
Since the first drop of oil was taken from Hibernia my provincial tax went from 62% to 118% of my federal tax. If NL goes to the new equalization formula, with the so called Ontario cap, my provincial tax rates should also go to the Ontario tax rate. I just calculated my taxes for 2007, with an income of $40,000 my provincial tax will be $4055.56 if we had the same tax rate and credits as Ontario it would be $2017.00. Think of all the other taxes that could be reduced or eliminated.(eg. Insurance tax).
