Friday, October 19 Discussion Discussion included guest host, former Finance Minister Michael Wilson , on budget day. Past Budgets Economic analysis from Bruce Little and Political analysis from Edward Greenspon. Today we are setting out a five-year tax plan so that individuals, families, small businesses and others will know for certain that their taxes will fall this year, next year and in the years to come. Powered by dynamic economy that grew 4.2 per cent last year, the country is expected to see continued prosperity, allowing the government to press ahead with graduated tax cuts, continued debt repayment and stronger spending on education and health care, all within a balanced budget, the minister said.
Tax relief is immediate.
Retroactive to Jan. 1, full indexation is restored to personal income taxes for the first time since 1986, when inflation protection was cut off at 3 per cent. Other tax breaks affect all income groups, although the bulk of provisions will ease middle-class pocketbooks. Some of the major provisions have been foreshadowed, following plans laid out by the government over the past six months. The cheques will be fully indexed to account for inflation, now running at 2.3 per cent. The budget contents are so wide ranging they seem to touch everyone s wish list - from John Roth to Mother Goose.