Alberta expects a $5.2-billion deficit in the upcoming fiscal year, a swing of $11-billion from the current year's surplus of $5.8-billion. Story will be posted soon.
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The way tax brackets work is that the first $60,000 *everyone* makes will be taxed at 8%, then any income you make above that gets taxed at the next rate, etc.
The only way to save the "full" $750 is to earn the full $60,000 and have it all be taxed at the new lower rate.
If you make, say, $40,000 per year, your entire income is now taxed at the lower rate, but you're not gaining the benefit of the lower rate on income between $40,000 and $60,000, so you're not saving that full $750.
I mean, I think what you posted is *technically* correct -- those that make over $60,000 will save $750. Those that make less will save some (unless they make less than the personal amount) just not as much as $750.
Finance Minister Nate Horner ended his budget press conf by thanking a long list of people - I assume finance bureaucrats - for their hard work. It was really quite lovely.
Sure. I hear he is a decent guy. He also knows where the bodies are buried. When politicians care for their colleagues more than #Alberta I find it easy to remain steadfast in my suspicion. #ABetterFuture #SmithIsUnfitToLead
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That is nuts.
Unless you own a home because the property tax increase eats a big part of that.
Those homeowners are such leeches on society anyway...
Residents making over $60,000 will save $750 in income tax.
"The new 8% personal income tax bracket for income up to $60,000 is starting 2 years ahead of schedule. It will save Albertans up to $750 in 2025."
The only way to save the "full" $750 is to earn the full $60,000 and have it all be taxed at the new lower rate.
Social media for the win!
Only in Berta...