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Opposition Leader Ches Crosbie said a PC government he leads will eliminate the sales tax rate on insurance premiums – but under the Ball Liberals, the insurance tax will remain in place for at least the next four years, according to new legislation...
Wednesday, October 31, 2018

St. John’s, NL (October 29, 2018) – Opposition Leader Ches Crosbie said a PC government he leads will eliminate the sales tax rate on insurance premiums – but under the Ball Liberals, the insurance tax will remain in place for at least the next four years, according to new legislation the Liberals have just brought to the House.

The Ball Liberals imposed a 15% sales tax on insurance in their 2016 Budget.  Their new legislation will bring the automobile portion of the tax down to a rate of 13% in 2019, 12% in 2020, 11% in 2021 and 10% in 2022.

Crosbie suggested amending the Bill to change the number to 0%.  He announced on October 17 that a government he leads will eliminate the insurance tax altogether.

“We are supporting the legislation to reduce the tax because, after the Ball Liberals imposed more than 300 tax and fee increases in 2016, any measure of tax relief is better than none.  High Liberal tax rates need to come down, because they are crushing our economy, leaving consumers with less to spend and employers with less to hire.” said Crosbie

Crosbie said the Ball Liberals have failed to manage spending or to fight for our fair share of federal transfers that would have avoided tax increases.  Health transfers are based on our population, which is falling, and our take from equalization is zero, while Nova Scotia is getting $1.9 billion and Quebec is getting $11.7 billion to help with tax relief for their citizens.

“Tax cuts would be affordable if the Liberals had done their job.” he said

In 2016, the Liberals promised to reduce spending at agencies, boards and commissions – which account for more than half of government spending – by 30%; but a few months ago, the Finance Minister said the Liberals have failed to achieve their target.  The Liberals also promised to fight for improvements to equalization, but remained quiet after the federal Finance Minister renewed the current formula until 2024.

Contacts:
Bradley Russell
Director of Policy and Research
(p) 1.709.729.3668
(c) 1.709.685.3161
BradleyRussell@gov.nl.ca

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