MP Dean Del Mastro comments on Tax Freedom Day

June 13, 2008

PETERBOROUGH, ON - The Federal Government’s actions have resulted in Tax Freedom Day being celebrated four days earlier this year and the earliest it has been celebrated this decade.

“Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden.” stated Dean Del Mastro, Member of Parliament for Peterborough Riding. “Because of our government’s financial leadership, Tax Freedom Day is four days earlier this year which will allow more of Canadians’ hard-earned money to stay in their own pockets this year – where it belongs, instead of in government coffers in Ottawa.”

Tax Freedom Day is 11 days earlier this year than it was in 2005. Because of our Government’s economic plan, a typical working family is better off today by almost $3,500 per year than when our Government first took office. Our Government has reduced taxes on individuals and businesses by almost $200 billion for 2007-2008 and the following five years. Finance Minister Jim Flaherty cited an impressive list of measures which are especially helpful in reducing the tax burdens of Canadians and their families, including:

• Reducing the goods and services tax rate to five per cent from seven per cent;
• Permanently reducing the lowest personal income tax rate to 15 per cent from 16 per cent;
• Introducing income splitting for pensioners to increase the returns from retirement saving;
• Dedicating all interest savings from reducing the federal debt to personal income tax reductions through the Tax Back Guarantee; and
• Providing a $2,000 child tax credit.
  

“It’s ironic that while we celebrate an earlier Tax Freedom Day this year, Stéphane Dion and the Liberal Party are planning to unleash their carbon tax on everything – a scheme that would push Tax Freedom Day further and further back into the year.” stated Del Mastro. “Dion’s carbon tax is a permanent new tax on everything. It will destroy jobs, drive up the cost of gas, electricity and everything else that you buy. Think about that and how many days Tax Freedom Day will be pushed back because of Dion’s reckless spending promises and proposed tax increases.”