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Dear John,
If the federal government reduced program spending by only 2.3% over two years and eliminated a host of tax expenditures, it could balance the budget and reduce personal income tax rates affecting most Canadians.
Specifically, if the government implemented this spending reduction, it could eliminate the three middle federal personal income tax rates (20.5%, 26.0%, 29.0%) and reduce the top rate from 33.0% to its previous level of 29.0%
As a result, nearly all Canadians would pay a marginal personal income tax rate of 15% and the federal government could balance the budget by 2026/27.
At a time when affordability is top of mind, it’s time for Ottawa to reduce tax rates and restore discipline to federal finances.
Learn more here, and be sure to help us spread this news far and wide.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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