If elected, the CAQ boss wants to reduce the first two tax brackets by one percentage point from 2023 for the duration of his new mandate. This would result in savings of about $329 per year for a person earning $50,000, or $629 annually for a taxpayer whose income reaches $80,000.
To finance this measure, François Legault plans to use part of the payments from the Generations Fund, ie almost 40% of the payments provided for in the Generations Fund, To explain Radio Canada. With that, she would continue to pay 60% into the fund to help reduce Quebec’s still-high debt.
However, this tax cut will be limited due to the expected economic slowdown in 2023, but should help stimulate the economy. He says he wants to be careful. “We want, we will not return to a liberal austerity policy with a CAQ government,” he said in his statement Radio Canada.
“We will reduce the rate at which we reduce the debt burden to give taxpayers money back. It is a balanced, prudent and responsible approach. In line with the stable and predictable financing of the main tasks of the state, the rigorous management of public finances, the balanced budget and the continuation of debt reduction”, assures Eric Girard, the outgoing Treasury Secretary.
In addition to this measure, CAQ plans to issue a $400-$600 check to taxpayers in December, a measure that is part of CAQ’s anti-inflation shield project, which will have four components.
On the Liberal side
The Liberals go one step further. They propose reducing the first two tax brackets by one and a half percentage points versus one point for the CAQ. They also want to eliminate the QST for basic needs, freeze Hydro-Québec tariffs while eliminating QST on the first $4,000 of the bill and improving the Solidarity Tax Credit to help the most disadvantaged.
The tax cut for the first two tax brackets would be accompanied by a tax increase for very wealthy taxpayers. Dominique Anglade, the leader of the party, reiterates that her party does not intend to reduce payments to the generational fund because it would “leave the next generations in debt” and that she refuses to “fund the future of our young people on election pledges”. and thus criticized the proposal of his competitor CAQ.
criticism from other parties
Gabriel Nadeau-Dubois, co-spokesman for Québec solidaire, is not as keen as Dominique Anglade on the proposal to cut payments to the generational fund. The party says it wants to prioritize “people’s welfare” over “accounting issues”. However, the politician opposes the CAQ project to lower taxes for the rich.
The leader of the Parti Québécois, Paul St-Pierre Plamondon, believes that the CAQ promises are “without vision” and that tax cuts will lead to a “historic austerity period”. According to him, we cannot use the Generation Fund for this. He reiterates that the CAQ promises “will sabotage our ability to provide services to young children in CPE, quality primary schools,” and that we must also think about the environment and not delay the file until later.
Éric Duhaime ensures that François Legault copies the measures announced by the Quebec Conservative Party (PCQ). The latter promised a 2% tax cut up to $90,000 and two weeks earlier even a $15,000 to $20,000 tax exemption.
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