Taxpayers Federation calls on N.B. government to drop business tax to lowest in Canada to bring home jobs
- CTF calls on N.B. government to drop business tax to five per cent, the lowest in Canada
- Reducing income taxes by 10 per cent would save working New Brunswickers $185 million
- Eliminate corporate welfare and excessive bureaucracy to further reduce the province’s debt
FREDERICTON, N.B.: Today the Canadian Taxpayers Federation delivered its 2020-21 Pre-Budget Submission to the New Brunswick government, calling on Premier Blaine Higgs and Finance Minister Ernie Steeves to dramatically drop business taxes to welcome jobs, lower taxes for New Brunswickers, and drill down on reducing the debt.
“Dropping New Brunswick’s business tax to five per cent, the lowest in Canada, would send the message that’s needed to bring well-paying jobs and taxpayers back home, while increasing tax revenues,” said CTF Atlantic Director Paige MacPherson.
Research shows that reducing business taxes would actually generate more tax revenue for New Brunswick. Reducing income taxes by 10 per cent would save New Brunswick taxpayers $185 million.
“All New Brunswickers need relief from the high taxes they pay every day. Tax cuts need to be a priority for this government,” said MacPherson. “New Brunswick’s spending is increasing faster than population growth and inflation. Cutting government costs to reduce taxes is very doable.”
The CTF is praising Premier Higgs and Minister Steeves for running true surpluses and beginning to pay down the province’s debt. The debt has decreased to $13.8 billion from $14.1 billion last year, and each New Brunswicker’s share of the debt is now about $17,800. Debt interest payments are costing $658 million this year.
“The government has made great progress reducing the debt, but the province is still wasting hundreds of millions on debt interest payments every year,” said MacPherson. “To save future generations from an enormous financial burden, we’re calling on Premier Higgs and Minister Steeves to significantly reduce the debt today.”
Click here to read the CTF’s 2020-21 Pre-Budget Submission to the N.B. government.
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