The Canadian province of Alberta, home to the world’s third-largest oil reserves, said on Monday it will cut its general business tax rate to 8 per cent from 10 per cent and invest $10 billion in infrastructure projects as it seeks to jump start an economy badly damaged by the coronavirus pandemic.
Premier Jason Kenney, who said the tax cut would take effect July 1, described the program as the largest infrastructure investment in Alberta’s history. Economic shutdowns due the virus outbreak added to challenges in the oil-rich province from lower crude prices and pipeline congestion, pushing the unemployment rate as high as 25 per cent, Kenney said.The program will create an estimated 55,000 new full-time private sector jobs, and stimulate $13 billion in economic growth, the province said.
Alberta will also invest an additional $175 million to expand access to venture capital for early stage start-up companies, according to the plan.© Thomson Reuters 2020
Albertans should ask themselves who is going to pay for it? Middle class, poor? Education cuts? Healthcare cuts in these times? Sounds like corporate socialism to me. Bread and water for the rest.
jkenney forgot to cut one thing from his new plan, himself.
“How do we get out of this deficit?” “I know, let’s cut taxes!” “Did it work last time?” “Well, not really...” “GREAT, let’s do it again!” 🙄