NDP’s finance critic outlined the plan which would raise corporate income tax rate to 11 per cent, increase spending in education and healthcare
Alberta’s NDP says it would raise the corporate income tax rate to 11 per cent from eight as part of a broader three-year plan to keep the budget balanced while increasing spending virtually across the board.
The NDP has also promised to cap auto insurance, freeze personal income taxes and tuition, and not introduce a sales tax. “We understand the importance of maintaining a competitive tax rate and that is why we eliminated the small-tech business tax rate ,” said Phillips. The projections still rely heavily on those prices remaining stable, a boom-and-bust problem that has long plagued Alberta governments, including under the NDP from 2015 to 2019.
Notley’s government raised the corporate income tax rate to 12 per cent from 10 per cent during its term, while the UCP then rolled it back to eight under former premier Jason Kenney.On the first day of the campaign, UCP Leader Danielle Smith pledged to create a new tax bracket delivering about $760 more for everyone making more than $60,000 a year at an estimated cost of about $1 billion to the treasury.
Economist Trevor Tombe says he has concerns about the NDP projecting a boost of corporate income tax revenue from $1.8 billion to $2.3 billion with the move to 11 per cent.
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