The Conservative Party unveiled their newest campaign pledge on Sunday —a tax cut for the middle class that could save you hundreds of dollars per year.
According to the party, if elected, a Scheer government would cut the tax rate on all income earned from $12,069-$47,630 to 13.75 percent from 15 percent.
With the rate focusing on the under $47,630 dollar bracket, the benefits should apply to low-income Canadians as well those who are approaching the median line for salary. The current average Canadian earns roughly $55,000, while most working minimum wage positions earn about 27,000 according to Statistics Canada.
“We’re going to deliver a tax cut targeted specifically at taxpayers in the lowest-income tax bracket. This means that every Canadian will see their income taxes go down and those in the lowest tax bracket see the biggest benefit of all,” Scheer said at a campaign stop in Surrey, B.C.
Of course, those earning more will see the benefit as well through an overall reduced rate.
How much can you save?
The average single taxpayer will save roughly $444 a year, according to the Conservative Party.
This would mean the average two-income family would save close to $850 a year.
Powered by StructureCMS™ Comments
Join and support independent free thinkers!
We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.
Remind me next month
To find out what personal data we collect and how we use it, please visit our Privacy Policy
Comments