New Brunswick Cuts Income Taxes

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New Brunswick re ;cuts income taxes

Premier says this tax cut will help attract more people to the province.< /p>

New Brunswick Premier Blaine Higgs at a press scrum in Fredericton

The New Brunswick government is reducing income taxes and hopes to make the province more affordable and attractive. This reduction will affect many taxpayers, but will especially benefit people with annual incomes over $140,000.

Under legislative changes introduced on Tuesday, tax rates personal income tax will be reduced in four tax brackets. The greatest reduction will apply to the income bracket between $142,534 and $162,383 per year.

The tax rate for this bracket will therefore drop from 17.84% to 16%.

People with incomes in other tax brackets will receive smaller reductions.

For example, the tax rate ;Taxation of people with incomes between $43,835 and $87,671 will drop from 14.82% to 14%.

On average, New Brunswickers will save about $310, according to the government, which claims to be based on the most recent tax data.

Premier Blaine Higgs has defended his decision to give people with higher incomes a bigger cut by saying it's part of his pursuit of balance and could help attract more doctors to the province.

We cannot expect people to come and invest and work with us if our tax rates mean that we are not considered an interesting place, said Blaine Higgs.

We don't want to be the province with the highest tax rate, he added.

“People who earn the biggest salaries, they are the big winners. »

— Kevin Arseneau, Green MP

This decision is denounced by the opposition parties.

It would seem that the biggest winners are those with the highest salaries, so I can't wait to see exactly what that means, launched Liberal MP René Legacy.

Green MP Kevin Arseneau also regrets that the proposed tax cuts are bigger for the wealthy. This government continues to reinforce, I would even say encourage, inequalities.

I find it completely absurd that the biggest investment by this government since it came to power power is to help people who have problems affording their Porsche and not those who have problems finding food and housing, denounces Kevin Arseneau.

The government of New Brunswick will offer deep property tax cuts to owners of apartment buildings.

Housing Minister Jill Green hopes to increase the number of housing.

It considers this measure necessary to resolve the housing crisis afflicting the province.

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