Wednesday, July 18, 2007

Tory, McGuinty, Hampton Consider Bailing Out Toronto and Consider Taxing Powers for Other Cities

Toronto is the epicentre of a taxquake in Ontario. Premier McGuinty, John Tory and Howard Hampton are all considering giving hundreds of millions of dollars to bail out Toronto.

Yesterday, city council voted to buy a bankrupt theatre buidling for $1.2 million and will lease it back at $2 per year. This is a 600,000 year interest free loan. Is this the kind of fiscal responsibility that deserves to be rewarded with more Ontario taxpayer dollars?!

In the meantime a provincial report will come out in February recommending that ALL Ontario municipalities will get new taxing powers.

Look out folks, the Toronto taxquake is having aftershocks rippling into your home town!

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