February 27th, 2018
Office of Harold Albrecht, MP
Budget 2018 was a huge opportunity for Justin Trudeau. The world economy is roaring but Justin Trudeau is failing to turn this opportunity into results for Canadians. Instead the Prime Minister is raising taxes on over 90% of Canadian middle-class families, and this budget announces new tax hikes on local businesses. Trudeau is also borrowing an additional $18 billion, failing to balance the budget by 2019 as he promised. And despite all the spending, middle class Canadians are no further ahead and Canada’s GDP growth will slow to 2% by the end of the year.
Spending $35 billion on a new infrastructure bank helps wealthy investors, not Canadians who want shorter commute times; $1 billion for “Superclusters” helps big corporations, not small and medium sized businesses struggling to grow; and $2 billion for foreign aid, but little for our veterans who the Prime Minister says are asking for too much while he fights them in court.
“The Trudeau Liberals’ recent budget is a failure to deliver for Canadian families. Instead of getting their spending under control, they plan to borrow more money from hardworking Canadians – adding billions more to the national debt,” said Albrecht.
The deficit for this fiscal year is $18 billion, which is three times higher than what Justin Trudeau promised during the 2015 election. With the budget not projected to be in balance again until 2045, these additional deficits will add $450 billion to Canada’s national debt over the next 27 years.
“The real problem with this legislation is that it is not going to achieve the objectives they intended it to. You can’t get to the wealthiest 1% by targeting middle-class entrepreneurs, it is simply wrong and will still cost small business owners 1 billion dollars, taken out of our economy. Nothing to make Canadian business more competitive given the massive tax reductions in the United States our biggest competitor, and possible derailing of NAFTA talks which would cause a travesty in Canada for the business community.” – Greg Durocher, President of the Cambridge Chamber of Commerce
“Small businesses across Waterloo Region and Canada need a tax system that is fair and straight-forward in its application. Our Chamber has been consistently informed by our membership that new rules are making the system more complex and time consuming for companies who should be focused on growth and job creation.” – Art Sinclair, Vice President of the Greater Kitchener Waterloo Chamber of Commerce
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