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Thursday, December 29, 2016

December 29, 2016

 

For Immediate Release

 

Liberals Continuing to Dampen Consumer Confidence with Heavier Personal Income Tax Burden in 2017

 

‎Keith Hutchings, Finance Critic for the Official Opposition, said, "Newfoundlanders and Labradorians are bracing themselves for an even heavier 2017 tax burden of personal income tax along with all the other tax and fee increases they are bearing as a consequence of the Ball Liberals' 2016 Budget. The 2016 Budget's personal income tax increases were implemented for only half a year in 2016, but they will be implemented for a full year beginning in 2017. That means the higher tax rate will be taking money from people's pockets for the entire year rather than just six months."

 

The following table from the Department of Finance website details the changes:

 

http://www.fin.gov.nl.ca/fin/tax_programs_incentives/personal/personalin...

 

Hutchings said, "Families will have to bear this added income tax burden at the same time that they are trying to cope with the higher gas tax rate‎, which the Ball Liberals doubled in their 2016 Budget, and the higher sales taxes, which are less bearable when everything else is also increasing. Compounding that are the higher taxes on businesses that are being passed on to consumers, and the new and higher user fees that people will have to pay on everything from drivers licences to birth, marriage and death certificates"

 

“Higher gas taxes are raising freight costs for the products consumers need to buy in their stores, including food. Many families are struggling to make ends meet, and more than a few will be in deep trouble when the bills arrive after Christmas. That is the legacy of the Ball Liberals' 2016 Budget, which has brought hardship and misery to Newfoundlanders and Labradorians.

 

“The previous PC administration deliberately chose to reduce the burden of personal income tax as we believe in leaving money in consumers' pockets that helps families meet their needs and at the same time drives growth in local business as consumers spend,” said Hutchings.

 

"High taxes mean less consumer spending, which means less revenue for local businesses, which leads to fewer jobs in the local economy. ‎The Liberals have an economic policy that involves doubling down on taxation, while having no plan for creating an environment conducive to investment and only pessimism about our future economic opportunities. And unfortunately, this economic policy is hurting families and the local economy.

 

"It is time for a more progressive approach to taxation that eases the burden on families and employers to stimulate growth. We proved this approach works. The Liberals ought to listen to people who are outraged about their tax hikes, and adopt an approach which proved that lowering taxes has a positive impact when you have a balanced approach to budgeting, including expenditure reductions, while still stimulating the economy through competitive personal and corporate tax structures and by enticing families to stay in and move to our great province," he said.

 

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Media Contact: Heather MacLean, Director of Operations and Communications, Office of the Official Opposition, (709) 729 6105, heathermaclean@gov.nl.ca

 

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