April 2008 - David Miller how do you sleep at night knowing you are taxing the shit out of the people who live in Toronto.

David Miller Does not want you to buy or sell a House or Condo in Toronto - Here is how you get penalized by David Miller for real estate transactions in Toronto:

Despite the tremendous outcry from the public and special interest groups, David Miller has gained the necessary approvals for his controversial land transfer tax. What does this mean to prospective home buyers? To put it simply, on an average home purchase in Toronto of $400,000, the land transfer tax portion of your closing costs just jumped from $4500 to $9000. This doubling of the effective tax rate will raise the city an extra $300 million per year.

This is a Mayor David Miller cash grab in the worst possible way. Taxes will be doubled but home buyers will have nothing to show for it. Worse is that the tax usually will be added to the mortgage or FINANCED so by the time you finish paying it off you will have paid perhaps double or triple the amount with interest factored in!

Miller says that raising these taxes are the only way to pay for the City's massive budget shortfall. Apparently he sees no other solution than to force the entire financial burden of the city upon 5% of it's residents (home buyers make up about 5% of the city's residents in any given year).

Toronto will soon have the highest land transfer tax rate in the country, and possibly the entire continent, depending on how it finally shakes down. Home buyers contribute approximately $2 billion to the city's economy. This number is all but guaranteed to decrease once this new tax goes through. Make no mistake, the city will feel the impact of this new tax.

Mayor Miller, you win the asshole politician award!

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