During the first half of British Columbia’s election campaign, parties have put forward competing plans to suspend, cut or increase taxes as leaders respond to a projected $13.8-billion deficit.
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In the early stages of British Columbia’s election campaign, NDP leader David Eby has proposed suspending gasoline taxes while introducing a new tax bracket for people earning more than $1 million. Eby also wants higher taxes on the province’s two highest existing income brackets, beginning at about $190,000, and has said the changes would generate $1 billion.
The Conservatives, meanwhile, are promising no new taxes, including campaign proposals to eliminate the PST on some items and cut provincial taxes by $1,000 for nearly every working British Columbian. Party messaging also argues that increasing taxes would drive away doctors.
Interim leader Lorne Doerkson has also framed tax changes as a way to “supercharge” the economy, but has not said how much his plan would cost. His argument is tied to the economy having lost 26,000 jobs in August.
The BC Greens are calling for a one-time “fair share tax” on extreme wealth, with rates starting at five per cent on net wealth above $50 million, 10 per cent above $100 million and 20 per cent above $1 billion. The party estimates the changes would raise approximately $22.2 billion, and leader Emily Lowan has criticized Eby for what she says is co-opting “the language of the left” after he refused her proposal for an extreme wealth tax while he was in power.
Whatever party forms government, the election backdrop includes a projected deficit of about $13.8 billion.
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