Massive Deficit and Higher Taxes Mean Life Will Cost More
HOLLAND LANDING, ONTARIO — Today`s Liberal budget means local residents will be paying higher taxes now, and well into the future.
The new government has taken a $2 billion surplus left by the Conservative Government and turned it into a massive $29.4 billion deficit. This breaks the promise from the campaign that any deficits would be small—and definitely no larger than $10 billion. With debt accumulating, deficits are likely to run many years into the future. Local residents will be paying it off in future taxes—likely for decades.
At the same time, the budget includes several unanticipated tax hikes. The elimination of the Children`s Sports and Fitness Tax Credit will mean almost every local family will pay more tax. So will the elimination of the Children`s Arts Tax Credit for activities like music, dance, and art lessons.
Here are some of the tax increases local families will face:
- elimination of the Children’s Fitness Tax Credit
- elimination of the Children’s Arts Tax Credit
- elimination of the Education tax credit
- elimination of the Textbook Tax Credit
- elimination of income splitting
Other changes will significantly increase the taxes paid by small businesses, hurting local entrepreneurs and killing jobs. This is expected to hit York-Simcoe especially hard, as so many in the local economy, run and are employed in small business.
Among the changes costing small businesses more will be the elimination of the Job Creation Hiring Tax Credit, and the cancellation of a reduction in the small business tax rate that was already law.
“Despite those massive deficits, and tax increases, there is very little in the budget to help York-Simcoe residents,” said, Van Loan. “Simply put, the Liberals are already spending out-of-control on very different things than what matters to our community.”
“The old Liberal ways are back,” continued Van Loan. “A broken promise on deficits, a betrayal of the middle class, and an inability to competently manage spending are trademarks of Liberal Governments, first at Queens Park and now in Ottawa. It’s the hard-working people of York-Simcoe who lose in the end.”