On the second day of his election campaign, François Legault unveiled the solution he will put in place if the CAQ is returned to power: an “anti-inflation shield”, the first measure of which will result in a tax cut of 1 %, which can reach up to $810.
• Read also: The PLQ promises $5,000 more in the pockets of families
Passing through the riding of Jean-Talon, the CAQ leader and his outgoing finance minister, Eric Girard, explained that this reduction of one percentage point will apply to the first two tax brackets, from 2023.
According to Mr. Girard, for taxpayers, this tax cut could represent savings totaling $7.4 billion over four years. The saving for a taxpayer earning $80,000 would average about $620.
However, this would only be a first step in protecting Quebecers from inflation. Thereafter, Quebecers’ income tax would be reduced by 0.25% per year, until 2032. Over ten years, the reduction would thus reach 2.5%, which, according to the CAQ, would constitute “the largest reduction of tax in the history of Quebec”.
Middle class
This measure, which aims to protect Quebecers from inflation, will be financed by using part of the payments provided for in the Generations Fund.
“I made a commitment to put in place a shield to protect Quebecers against inflation. The first part of this shield is a responsible tax cut for the middle class. We are therefore making a commitment to lower Quebecers’ taxes responsibly,” declared the outgoing premier.
“We have a long-term vision for Quebec’s finances. This tax cut will help us increase our economic growth, promote participation in the labor market and therefore help reduce our wealth gap,” said Mr. Girard.
More details to come…