“The federal government’s latest projection of how much it will spend on direct support for Canadians to get through the COVID-19 crisis have risen to more than $152.7 billion as of May 28 … Ottawa estimates that overall total — including measures to protect Canadians health and safety and to provide business and tax liquidity support as well as the direct support for individuals, businesses and sectors — amounts to more than $929.7 billion”.These numbers are astronomical and makes the cost of the recent SpaceX launch look as cheap as a Yugo.
How will this be paid for?
In the UK it has been reported that:
“…COVID-19 could create a gulf of almost £300 billion (US$367 billion) in the UK’s public finances …, according to a leaked report seen by UK daily The Telegraph.
The report … reportedly recommends that the Government could look to a multi-year plan to increase taxes that could include a combination of a one to five per cent hike in personal income tax rates, changes to pension tax rules, a value-added tax increase, and a hike in social security contributions, among other measures… ” .
“…the Finnish Government published a report … and considers what taxes could be increased to help restore the public finances. … the report identifies certain taxes where there is scope for revenue increases without threatening the economy. These are: