Release: Responsible Plan for Income Tax Cuts
Maxime Bernier Announces a Responsible Plan for Income Tax Cuts
All Canadians will Pay Less Taxes
For immediate release
October 6, 2016
OTTAWA – Today, Maxime Bernier announced his plan to simplify Canada’s personal taxation system as part of his campaign for Leadership of the Conservative Party of Canada.
The current system is overly complicated. It’s estimated that Canadians spend $7 billion each year to comply with our tax laws.
Bernier’s plan has four key components:
- Raise the Basic Personal Exemption to $15,000
- Eliminate two tax brackets so that income from $15,001 to $100,000 is taxed at 15%
- Tax income over $100,001 at 25%
- Eliminate boutique tax credits that serve no public policy purpose.
These measures would put a significant amount of money back into Canadians pockets. Whether they are working class or wealthy, the Government will not be picking winners and losers. The vast majority of Canadians would pay a single 15% rate, while 1.5 million more of the lowest income Canadians will be taken off the tax rolls.
KEY MAXIME BERNIER QUOTES:
“When we combine federal and provincial rates, the top personal income tax rate in Canada now stands at 54%. That makes it the 6th highest amongst OECD industrialized countries”
“The best tax system is simple. It’s easy to understand. And it keeps administrative and compliance costs as low as possible.”
“Another important benefit is that ALL taxpayers would pay less taxes, not just the middle class and the wealthy who would benefit from lower marginal taxes. We will implement this reform in a responsible way, without burdening future generations.”