The Liberal Party today announced tax breaks for low-income moderate-income Islanders.
Premier Wade MacLauchlan announced a series of tax breaks designed to benefit Islanders, including a 20 per cent increase in the basic income and spousal exemptions, and a new seniors’ exemption in the amount of $250.
The Premier announced that a new Liberal Government would increase the exemption threshold to $17,000 from $15,000. “The Liberal Party believes that Islanders with low and moderate incomes, including younger Islanders, single parents, and many of our seniors, deserve to pay less tax,” said the Premier. “These measures will reduce the taxes paid by almost 12,000 Islanders, and almost 2,300 of these Islanders will, as a result of these changes, pay no tax at all.”
The Premier thanked the many Islanders who continue to pursue social justice and poverty reduction measures.