Earth Equity News

Dion's Plan To Include $15.5 Billion in Tax Cuts. By Brian Laghi, Toronto Globe and Mail, June 18, 2008. "Stéphane Dion's plan to fight climate change by rebalancing the tax system will include $15.5-billion in income-tax cuts, $11-billion of which will go toward personal tax reductions... Sources also said that the plan -- phased in over four years -- would provide more significant tax relief for lowest-income Canadians, as well as a cut for businesses, both large and small. The reductions are intended to balance off tax levies that would be imposed on use of carbon-based fuels... The plan will not, however, apply increased federal taxes on the purchase of gasoline... The tax reductions will be applied to the three lowest income-tax brackets... Small businesses... will see a cut of just under 10%... while the general corporate... rate will drop by 7%. Other proposals will include tax credits for low-income Canadians."