With a federal election looming, parties on both sides of the aisle may be thinking they should consider personal income tax-cut proposals too
Tim Sargent is a senior fellow at the Macdonald-Laurier Institute and distinguished fellow at the Centre for International Governance Innovation.It is no wonder then that those party leaders who are soon to face the electorate are proposing tax cuts aimed at the broad middle class. Both BC NDP Leader David Eby and BC Conservative Leader John Rustad have recentlythe largest personal income-tax cut in the province since 2008 if re-elected.
And it is worth noting that even middle- and lower-income people can be quite highly taxed in Canada, especially when you look at marginal tax rates – how much the government takes when you earn another dollar.
What does this mean for federal political parties thinking about the next election? The bad news is that money would still have to be found for tax cuts. With tax levels on the well off quiteto run a deficit of $39.8-billion in 2024-25 and spend one-tenth of every tax dollar on debt service, spending cuts are probably the most logical place to look for that money.
Dollar Tax Government Cuts Fellow Professor Election People Carleton University Arthur Laffer Liberal Party
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