Want more stories like this? By becoming a Supporter, you help make that possible!
OTTAWA — The NDP is proposing to run a deficit of $32.7 billion next year if they win the federal election, with no plan to return to balance.
New Democrats released their platform costing today, and it shows $35 billion in planned new spending next year and $30.5 billion in expected new revenues.
The balance sheet shows many new investments would be front-loaded in the first year of an NDP government, as the projected deficit falls to $18 billion in year two, then sits at around $16.5 billion for the remaining two years of the lookahead.
The party says its plan would still see the country’s debt-to-GDP ratio fall over that time period.
The largest new spending promises include $10 billion for pharmacare, $5 billion for building new affordable homes, and $1.8 billion for ending boil water advisories for Indigenous communities.
New revenue would largely come from businesses and wealthy Canadians, including $8 billion from increasing the capital gains inclusion rate, $6.3 billion from increasing the corporate income tax rate, $5.8 billion from cracking down on tax havens and $5.6 billion from a tax on the ultra-wealthy.
This report by the Canadian Press was first published on Oct. 11, 2019.
The Canadian Press
Thanks for reading!
Our goal is to cover all the local news and events happening in Northeast B.C. If you believe in this coverage, becoming a Supporter is a great way to help!
As a Supporter, you also get our investigative stories early and a FREE mug!