1. Tax cuts, tax hikesTrudeau says the first bill of a Liberal government would include changes to income tax rates and tax credits for families.The middle-class tax cut will reduce the tax rate from 22.5 per cent to 20 per cent for individuals earning between $44,700 and $89,401 a year. There was also to be a new tax bracket for people earning more than $200,000 a year; they will pay 33 per cent tax on their income.The Canada child benefit will replace the universal child care benefit that was central to the Conservative budget and election campaign. That means the end of the $160 monthly taxable payments per child under six and the $60 per month for those six through 17. The Liberals will dole out a non-taxable benefit on sliding scale based on income, with low-income families receiving $5,000 a year. That goes down as you earn more and stops for families earning more than $200,000. The Liberals are also cancelling income splitting for families, keeping the tax-free savings account limit at $5,500 and will reduce employment insurance premiums to $1.65  from $1.88 per $100 in insurable earnings — which is less of a reduction than the Conservatives had planned.