Fredericton, NB: The Canadian Taxpayers Federation is praising New Brunswick Premier Blaine Higgs for announcing income tax cuts to help New Brunswickers deal with the rising cost of living and inflation.

“New Brunswickers need relief to confront the rising cost of living and Higgs is delivering exactly that,” said CTF Interim Atlantic Director Jay Goldberg. “This will save taxpayers hundreds of dollars a year and that will make it a little easier for them to deal higher prices at the gas pump and grocery store.”

Higgs announced across the board income tax cuts impacting nearly every income tax bracket:

• Income between $44,887 and $89,775 will now be taxed at a rate of 14 per cent;
• Income between $89,775 and $166,280 will now be taxed at a rate of 16 per cent; and,
• Any income above $166,280 will now be taxed at 19.5 per cent.

A New Brunswicker making $75,000 a year stands to save $214 in income taxes annually and over $1,000 over a five-year period.

“This income tax cut will bring relief to nearly every family across the province,” said Goldberg. “With groceries costing $1,000 more this year than last year, Higgs’ income tax cuts will help New Brunswick families make ends meet in the wake of rampant inflation.”