Liberal Budget 2018
On February 27th, Finance Minister Bill Morneau presented the Liberal government’s 2018 Budget. This year’s deficit: $18.1 billion.
“The Liberals’ recent budget is a failure to deliver for Canadian families. Instead of getting their spending under control, they plan to borrow more money from hardworking Canadians – adding billions more to the national debt,” stated MP Eglinski.
The deficit for this fiscal year is $18 billion, which is three times higher than what Justin Trudeau promised during the 2015 election. With the budget not projected to be in balance again until 2045, these additional deficits will add $450 billion to Canada’s national debt over the next 27 years.
Under the Trudeau Liberals, government spending has increased by 20 per cent, which is three times faster than inflation and population growth combined.
Over 90 per cent of Canadian families are paying more in taxes, and after this budget, they will be paying even more. Despite a strong global economy, the Liberals refused to scale back taxes and deliver the help for the middle class that they promised.
The Budget also did not contain any major farm programs or funding.
“How does this help Albertans? The Liberals are giving billions of dollars to help foreign countries combat climate change, but there is no support for Albertans. What about the workers who have lost their jobs in the oil and gas or coal industries? What about our embattled forestry sector? And where is our funding to battle the pine beetle?” asked MP Eglinski.
On the business side, the Finance Minister retreated significantly on taxing passive investment income. Instead of the proposed 73 per cent tax, the government will gradually withdraw eligibility for the small business tax rate for those companies with investment income greater than $50K. Once investment income reaches $150K, the business would no longer be eligible for the small business tax rate. This means that thousands of local businesses will no longer qualify for the small business tax rate or will see it reduced.
“Justin Trudeau is good at making big promises. But when he says that he wants to help middle class families, we just don’t believe him,” concluded MP Eglinski. “Canadians deserve better. They deserve a Conservative government that puts people before government.”