In addition to finding "efficiencies" that will allow us to improve quality of life for Ontario citizens, one of the best things Doug Ford can do for Ontario is to help us pay down our debt, which currently stands at approximately $42,000 for every employed person in Ontario (7.2 million), and collectively costs us $12 billion per year in interest payments.

However, we taxpayers need assurance that any extra funds being raised to pay down Ontario’s debt are only being used for that purpose. Following is a proposal for how to do that:

Institute a payroll tax of 0.5 to two per cent based on income that is clearly marked on pay stubs as "ONDebt". For those receiving income not through payroll, ONDebt can be assessed on income tax returns.

On an Ontario government website, provide a chart that shows yearly payments on debt principal using funds collected through ONDebt, and impact on lowering the total debt (more about that chart later).

Premier Ford may need to consolidate loans with lender(s) that will allow extra payment on principle of loan(s), similar to a mortgage.

Here’s an example of how much could be collected via ONDebt payroll tax of one per cent using the average Canadian salary from the last census, $38,000: ($38,000 x 1%) ÷ 12 is $32 per month.

Multiply that result by 7.2 million employed Canadians to get aggregate ONDebt for the month, then by 12 to get ONDebt collection for the year: $32 x 7.2 million x 12 months equals $2.75 billion per year collected to pay down principal on the debt. This amounts to about .92 per cent of the $300-billion debt (and does not include ONDebt collected via income tax return on other forms of income).

This .92 percentage may seem paltry on a $300-billion debt, but don’t forget that the principal of the loan will also be decreasing due to regular loan payments. Therefore, that .92 per cent will be increasing every year as the principal is paid down by both regular loan payments and ONDebt. The online chart should include the impact of both forms of payment on the debt and how the .92 per cent increases every year as loan principal decreases.

Schoolchildren should learn about a collective attempt by Ontario citizens to pay down our debt so that future generations will not be saddled with it. Looking at the details would provide life skills training for students in terms of managing debt.

I didn’t vote for Doug Ford, but we all need to work together to get Ontario’s finances in better shape. Then we can build a better Ontario for everyone.

Alison Dennis

Kingston

The Kingston Whig-Standard 2018 ©