New Tax Lock Legislation
Prime Minister Stephen Harper yesterday announced that a re-elected Conservative government will pass legislation imposing a “tax lock” that prohibits increases to federal income taxes and sales taxes, and new, discretionary payroll taxes, over the next four years.
"Our Conservative government believes in lowering taxes because we know that tax money belongs to Canadians, not the government,” Prime Minister Harper said. “We have a proven record of reducing taxes on hardworking Canadians and job-creating businesses, and a plan to lower them further. This pledge backs our low-tax commitment with the force of the law.”
Thanks to the actions of the Conservative government, Canadian workers and businesses are enjoying the lowest federal tax burden in more than 50 years. As a result, Canadians' take-home pay is higher, businesses are able to invest in new products and staff, and Canada's fragile economy can grow and thrive despite global economic instability.
"We have cut taxes every year that we have been in Government,” Prime Minister Harper said. “Our low-tax pledge is rooted in our record – Canadian families know that we do what we say we’ll do.”
Prime Minister Harper noted that his tax lock legislation would prohibit any increase to personal or business income tax rates, the GST, and new, discretionary payroll tax increases like those being promised by the Liberals and NDP for the next four years. He also reiterated his plan to continue cutting taxes further for Canadians, including reducing payroll taxes by 20 percent, introducing a new, permanent Home Renovation Tax Credit, and providing significant tax relief to single and widowed seniors.
“This is a major difference between our Conservative party and the Liberals and NDP,” said Prime Minister Harper. “The other parties have promised some combination of higher taxes on individuals, families, seniors, and small businesses – including taking away income splitting and eliminating in whole or in part Tax-Free Savings Accounts.”
“Only a Conservative government will keep taxes low, our budget balanced, and protect Canada’s fragile economy for the next four years,” he concluded.