The Canadian Taxpayers Federation (CTF) has called on the Alberta government to stick to its promise of cutting income taxes in Budget 2024. “Cutting the provincial income tax was a huge campaign promise from the UCP (United Conservative Party), and it needs to happen right away,” said CTF Alberta Director Kris Sims in a Wednesday press release.“Finance Minister Nate Horner should announce this income tax cut in the budget tomorrow.”Budget 2024 will be presented on Thursday. Alberta Premier Danielle Smith said in May the United Conservative Party would lower income taxes if it forms government again. READ MORE: UPDATED: Smith pledges to cut income taxes if re-elected, CTF praises move“Taxes are the biggest cost for most Alberta families,” said Smith..If re-elected, Smith said the UCP would create a new 8% tax bracket on income under $60,000. The UCP said this move would save Albertans earning $60,000 or more about $760 per year.The Alberta government charges workers who make under $142,292 per year a 10% income tax. By comparison, the British Columbia government charges a 5% income tax on the first $45,654 of earnings and 7% for those up to $91,310.In BC, workers earning $100,000 pay about $5,857 in provincial income tax.In Alberta, those same workers pay about $7,424 in provincial income tax.“Taxpayers need to see a balanced budget, spending restraint, and our promised lower income taxes in this budget,” said Sims.
The Canadian Taxpayers Federation (CTF) has called on the Alberta government to stick to its promise of cutting income taxes in Budget 2024. “Cutting the provincial income tax was a huge campaign promise from the UCP (United Conservative Party), and it needs to happen right away,” said CTF Alberta Director Kris Sims in a Wednesday press release.“Finance Minister Nate Horner should announce this income tax cut in the budget tomorrow.”Budget 2024 will be presented on Thursday. Alberta Premier Danielle Smith said in May the United Conservative Party would lower income taxes if it forms government again. READ MORE: UPDATED: Smith pledges to cut income taxes if re-elected, CTF praises move“Taxes are the biggest cost for most Alberta families,” said Smith..If re-elected, Smith said the UCP would create a new 8% tax bracket on income under $60,000. The UCP said this move would save Albertans earning $60,000 or more about $760 per year.The Alberta government charges workers who make under $142,292 per year a 10% income tax. By comparison, the British Columbia government charges a 5% income tax on the first $45,654 of earnings and 7% for those up to $91,310.In BC, workers earning $100,000 pay about $5,857 in provincial income tax.In Alberta, those same workers pay about $7,424 in provincial income tax.“Taxpayers need to see a balanced budget, spending restraint, and our promised lower income taxes in this budget,” said Sims.
