‘It’s much better to have tax dollars going to better services or freeing up space for the government to cut taxes than to be paying interest on the debt’
DELTA, BC-launching platform of the Conservative Party on Friday pledged to introduce a suite of tax deductions and credits while achieving a balanced budget in five years through more controlled infrastructure spending, foreign aid cuts, cutting handouts companies and impose new taxes on the tech giant.
Asked repeatedly by reporters if the party has enough buffer in terms of the global recession and whether it might handcuff himself to commit to a balanced budget, a leader Andrew Scheer insists responsible plan.
“We believe it is far better to have Canadian tax dollars will be of better service or free up space for the government to cut taxes rather than having to pay interest on the debt,” he said under a blue sky from Centennial Beach in Delta, BC.
“If we do not go back to the plan of the responsible treatment of Canadian taxpayer dollars wisely we will see those big deficits threaten social programs and lead to massive tax increases.”
Scheer previously said the Conservatives will achieve a balanced budget within two years, but then moved to a five-year goal post. Under their plan, the Conservatives will have a deficit of $ 23 billion in 2020-2021 but achieved a surplus of $ 667 million after five years.
Liberals say the Conservative platform amounting to tens of billions of dollars in cuts necessary and painful.
“We know that investing in Canada … really the way to grow the economy, is the way to build endurance when the world is facing challenging times,” said Justin Trudeau Liberal leader told reporters.
Under the signature Conservative “universal tax cuts,” Canada makes under $ 47 360 will see their tax rates drop gradually from 15 percent to 13.75 percent in 2023. This would result in projected savings of $ 440 for individuals and $ 850 for some, according to the platform.
Conservatives also will repeal the Liberal carbon tax. The platform claims that if the Liberals are given another mandate, the price of gas will rise to 31.1 cents per liter.
The party said it will also introduce a new tax credit. To encourage green home renovations, for example, the party proposed a two-year, 20 percent refundable tax credit to help with the renovation costs between $ 1,000 and $ 20,000.
For new parents, the tax credit will be applied to income earned under EI EI maternity and parental benefits.
To make up for the revenue shortfall, the Conservatives said they would control spending on infrastructure. While they will spend the same $ 187 billion as a Liberal in the infrastructure, it will be spread over 15 years instead of 12.
Liberals accuse that allows 40 percent of infrastructure funds to lapse unused in the first two years of his mandate, Scheer told reporters Conservatives would ensure that all infrastructure projects that have signed on to do.
“We’re going to see people through and we will put a responsible plan that really gets the money out the door and shovels in the ground.”
The Conservative size to achieve a balanced budget will come in the form of $ 53 billion in government spending cuts over five years. While maintaining the level of full-time staff, the Conservative government will control operating costs, such as on travel and procurement, and selling government office space. Scheer said expenditures “exorbitant” consulting will also be a curb.
Conservatives said $ 1.5 billion would be saved by reviewing all business subsidies, grants, and contributions. Large multinational technology companies will be hit with a three percent tax income if they earned more than $ 1 billion in global revenue and $ 50 million in Canada.
Foreign aid will also be reduced by $ 1.5 billion and $ 700 million will be directed to poor countries and support for children in conflict areas.
Trudeau yet to commit to a time for a balanced budget – his platform projects $ 27.4 billion in red ink next year, down to $ 21 billion in the fourth year of the new mandate. During the 2015 election, Trudeau campaigned on a platform to run deficits in the near term to boost the economy but said he would get a balanced budget at the end of its mandate. That did not happen.
NDP Jagmeet Singh had also not committed to a balanced budget, choosing instead to focus on renewable energy expenditure, health, and education.
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