As the first day of Alberta’s provincial election officially kicks off on May 1, Alberta Premier Danielle Smith is pledging to cut taxes if her UCP government is re-elected.
Smith said she would create a new 8 percent tax bracket for families earning under $60,000 per year. This measure, according to Smith, would mean a savings of $760 per working taxpayer earning over $60,0000 annually, or $1,500 per family.
“Albertans earning less than $60,000 will see a 20 percent reduction to their provincial tax bill under this tax cut,” Smith said at a press conference in Calgary.
The tax cut has been costed out at $1 billion, Smith added, while saying the lost revenue would be offset by growth in other areas.
“It will result in more people moving here, more taxpayers, and more corporate tax revenue,” Smith said. Fifty percent of future surpluses will go to paying down debt under a UCP governmnet, the premier added.
The premier also said if re-elected, the UCP government will index all tax brackets to keep up with inflation.
She also announced that the government would extend the 13-cent per litre fuel tax holiday through the remainder of 2023 and that her government would be fighting the federal carbon tax.
“A UCP government will work to axe the carbon tax altogether because the best way governments can help address affordability is by ensuring that you the taxpayer, keeps more money in your pocket,” she said.
Since the UCP took power, the premier said, Albertans are paying close to $20 billion less in taxes than the next lowest tax province. Smith said that the province has paid off $13 billion worth of debt, saving $500 million in finance charges.
