BC United promises to eliminate income taxes for 60% of British Columbians
By Noah Jarvis, True North Wire
BC United are wants to eliminate taxes for the province’s lowest-income earners.
In a press conference in front of British Columbia’s legislature, BC United leader Kevin Falcon announced that if elected, a BC United government would eliminate income taxes for residents earning $50,000 or less. The policy comes as the party plummets in the polls ahead of a fall election.
“A BC United government will eliminate provincial income tax on the first $50,000 earned by every British Columbian,” said Falcon.
BC United is pledging to make the first $50,000 in income tax-free by increasing the province’s basic personal exemption from $12,580.
BC United claims that with the change to the province’s tax code, around 60% of British Columbians will not have to pay any income taxes and will save the average person around $2,050. However, those affected will still have to pay federal income taxes.
BC United estimates that the tax cut will cost the provincial government $5.4 billion in revenues. However, the party says that they can offset the loss by increasing economic growth and consumer spending which they say their policies will encourage.