N.B. Liberals promise tax changes, richest would get new rate
The Canadian Press
Published Thursday, August 14, 2014 9:49AM ADT
Last Updated Thursday, August 14, 2014 7:27PM ADT
FREDERICTON - The New Brunswick Liberals say if elected next month, they would boost revenue by $63 million a year by rescinding a business tax break and increasing taxes for the province's richest one per cent.
Liberal Leader Brian Gallant says the money would be recovered in part by returning the business property tax to 2012 levels, resulting in $34.3 million in revenue for the government.
He says the move would make good business sense in a province facing a $500-million deficit.
Gallant says the rest of the revenue would come through the creation of a new tax bracket of 21 per cent for those making between $150,000 to $250,000 a year.
The Liberals estimate the new tax would bring in $28.7 million.
Gallant says low-income and middle income earners can't give any more and the new tax would raise needed revenues from those who can afford it.