The federal Liberals say they can add almost $146.5 billion in new government spending and tax cuts over the next four years, and still bring the budget back to balance with a surplus of about $1 billion by the end of a four-year mandate.
To get there, they say, a Liberal government would seek out billions in savings from eliminating a number of tax breaks, cutting back on government spending and cracking down on tax evasion.
The party’s most prominent financial lieutenants released the full costing of the Liberal campaign platform Saturday, outlining the billions in new spending and revenues that would be in store for the next four years should a Liberal government be elected on Oct. 19.
They’ve promised to lower the federal income tax rate to 20.5 per cent on incomes between $44,700 and $89,401, paying for it by raising taxes on the wealthiest one per cent.
They didn’t go as far as to outline the tax credits and benefits that would go should they win, but they did hint that it would mean the end of boutique tax breaks that help Canada’s top one per cent of earners in particular a stock-options tax break for CEOs.