BC United/Liberals has announced its intention to eliminate provincial income tax for 60% of British Columbians if elected in October.The move would mark the largest tax cut in the province's history.According to a press release sent out Tuesday, in order to ensure the first $50,000 of income will be tax-free, the Basic Personal Exemption would be increased. As a result, around 2.4 million British Columbians would see their income tax reduced to zero.The plan would cost $5.4 billion per year, which is about 1% of BC's nominal GDP. BC United/Liberals claimed, however, that this would be offset by "the expected increase in economic activity, consumer spending, and job creation.""This historic tax cut will put an average of $2,050 back into your wallet, helping you afford essentials like food, gas, and kid’s extracurricular programs," leader Kevin Falcon said. "David Eby's NDP have made British Columbia unaffordable with a blizzard of taxes over eight years in power. BC United's tax cut policy would immediately be reflected in higher paycheques for folks across the province who are struggling right now."Shadow Minister for Finance and Kamloops North-Thompson MLA Peter Milobar echoed Falcon's sentiments, adding that he believed the move would "ensure our children, nurses, doctors, and families can actually afford to live in our province again."The move was slammed by Falcon's political rivals."It is easy for a party that is single digits in the polls to be able to promise all kinds of things they know they will never have to deliver," Conservative leader John Rustad told the Western Standard. .Premier David Eby called the plan "extreme and radical," taking issue with the impact it would have on public services for British Columbians.He suggested that Falcon was misleading voters by promising to "cut your taxes over here," but failing to mention that, "you'll pay MSP, you'll pay road tolls, bridge tolls, fees, and charges, your ICBC rates will go up."
BC United/Liberals has announced its intention to eliminate provincial income tax for 60% of British Columbians if elected in October.The move would mark the largest tax cut in the province's history.According to a press release sent out Tuesday, in order to ensure the first $50,000 of income will be tax-free, the Basic Personal Exemption would be increased. As a result, around 2.4 million British Columbians would see their income tax reduced to zero.The plan would cost $5.4 billion per year, which is about 1% of BC's nominal GDP. BC United/Liberals claimed, however, that this would be offset by "the expected increase in economic activity, consumer spending, and job creation.""This historic tax cut will put an average of $2,050 back into your wallet, helping you afford essentials like food, gas, and kid’s extracurricular programs," leader Kevin Falcon said. "David Eby's NDP have made British Columbia unaffordable with a blizzard of taxes over eight years in power. BC United's tax cut policy would immediately be reflected in higher paycheques for folks across the province who are struggling right now."Shadow Minister for Finance and Kamloops North-Thompson MLA Peter Milobar echoed Falcon's sentiments, adding that he believed the move would "ensure our children, nurses, doctors, and families can actually afford to live in our province again."The move was slammed by Falcon's political rivals."It is easy for a party that is single digits in the polls to be able to promise all kinds of things they know they will never have to deliver," Conservative leader John Rustad told the Western Standard. .Premier David Eby called the plan "extreme and radical," taking issue with the impact it would have on public services for British Columbians.He suggested that Falcon was misleading voters by promising to "cut your taxes over here," but failing to mention that, "you'll pay MSP, you'll pay road tolls, bridge tolls, fees, and charges, your ICBC rates will go up."
