Falcon says BC United would eliminate the tax on the first $50,000 earned by every person in B.C., allowing taxpayers to keep an additional $2,050 on average.
British Columbia ’s Opposition is promising the largest income tax cut in the province’s history if elected this fall, prompting Premier David Eby to call the pledge “extreme” and “radical” and a recipe for service cuts.
Falcon acknowledged annual government revenue would drop by $5.4-billion, but said service cuts would not be necessary as increases in private sector investments and consumer spending confidence would take up the slack. A person earning $35,000 a year on a minimum-wage salary would pay no provincial income tax, saving about $1,134, he said, while a person making $50,000 or more would save $2,052.
Falcon also pledged to balance the province’s budget – which currently involves a deficit of $5.9-billion, with a projected deficit of $7.9-billion next year – within the first term of a BC United government. “BC United’s plan will not help our province thrive, it will only gut our budget when our health-care system is already in crisis,” she said in a statement. “The business community knows that without a healthy work force and reliable government services, the economy can’t succeed.”
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