Taxes rise for some, lower for oth­ers

The Prince George Citizen - - SPORTS -

James an­nounced a mix of tax in­creases and cuts that ini­tially brings in lit­tle net new rev­enue this year ($50 mil­lion). The net in­crease grows ma­te­ri­ally over time, how­ever, to $480 mil­lion by 2019-20. The new gov­ern­ment is re­in­stat­ing a higher per­sonal in­come tax rate (16.8 per cent) for those with tax­able in­come ex­ceed­ing $150,000 and rais­ing the gen­eral cor­po­rate in­come tax rate from 11 per cent to 12 per cent. On the other hand, the gov­ern­ment is low­er­ing the small busi­ness tax rate from 2.5 per cent to two per cent and up­hold­ing the pre­vi­ous gov­ern­ment’s pledge to cut Med­i­cal Ser­vices Plan pre­mi­ums by 50 per cent.

James in­di­cated that her gov­ern­ment is still com­mit­ted to elim­i­nate these pre­mi­ums com­pletely, al­though a de­ci­sion in this re­spect has been de­layed to a fu­ture bud­get.

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