“
By tying the carbon tax to reductions in personal and business taxes, the Province is giving the people of
“Pricing carbon sends a clear message that there is a cost to the environment involved in emitting carbon,” said
In the first three years, the carbon tax is estimated to generate $1,849 million in revenue, which will be returned to British Columbians as follows:
· The bottom two personal income tax rates will be reduced for all British Columbians, resulting in a tax cut of two per cent in 2008, rising to five per cent in 2009 on the first $70,000 in earnings – with further reductions expected in 2010; | $784 million |
· Effective July 1, 2008, the general corporate income tax rate will be reduced to 11 per cent from 12 per cent – with further reductions planned to 10 per cent by 2011; | $415 million |
· Effective July 1, 2008, the small business tax rate will be reduced to 3.5 per cent from 4.5 per cent – with further reductions planned to 2.5 per cent by 2011); and | $255 million |
· Beginning July 1, 2008, the new Climate Action Credit will provide lower-income British Columbians a payment of $100 per adult and $30 per child per year – increasing by five per cent in 2009 and possibly more in future years. | $395 million |
Total tax cuts over three years: | $1,849 million |
This groundbreaking legislation is supplemented by an immediate Climate Action Dividend, $100 for every man, woman and child in
For further information about the carbon tax and ideas for making greener choices, please visit: http://www.bcbudget.gov.bc.ca
Editors Comment: Call me a skeptic but how can bringing in a new tax actually reduce taxes?? The income tax was also a 'temporary' tax...... remember?
No comments:
Post a Comment
Your comment will appear after moderation before publishing,
Thank you for your comments.Any comment that could be considered slanderous or includes unacceptable language will be removed.
Thank you for participating and making your opinions known.
Note: only a member of this blog may post a comment.