Is it realistic for Alberta to eliminate personal income tax In a word: yes. Alberta's total debt of $6.9 billion could be gone as early as next year. Even if oil and gas prices drop significantly, the entire debt could be gone within two to four years.

The debate on Alberta's debt-free future has begun. Various special interest groups will, no doubt, be advocating more government spending to replace what used to be spent on debt-servicing. But surveys consistently indicate that Albertans strongly prefer tax cuts over more government spending. Competing in a global economy, Alberta cannot afford to be complacent - even if it already has the lowest taxes in Canada.

The Canadian Taxpayers Federation (CTF) commissioned University of Calgary economics professor Jean-Francois Wen to conduct a study on how the Heritage Savings Trust Fund can be built up to replace personal income tax. Dr. Wen's study shows how the Heritage Fund can grow to $55 billion by 2015. At $55 billion, the Fund would produce income of $5 billion per year, enough to replace what the provincial government takes from Albertans in personal income tax. To achieve this, the government must control its spending, put 50% of oil and gas revenues into the Fund, and reinvest all of the Fund's income back into the Fund.

The benefits of eliminating personal income tax are numerous. First, taxpayers would be able to keep more of their hard-earned money. They can save, spend or invest it as they see fit, creating more jobs and economic growth in the process. Second, the absence of income tax will attract highly skilled and highly paid workers, new businesses, and more investment. Everyone benefits from a strong economy and low unemployment. Third, a $55 billion Heritage Fund can provide the government with a steady and reliable source of income, far more predictable than oil and gas revenues. Fourth, unlike revenues from natural resources, Heritage Fund income will continue for future generations long after Alberta's oil and gas are gone.

Dr. Wen's study is based on conservative estimates. It assumes that oil and gas prices will soon drop by 43% from their current levels, and stay at that lower level for the next 10 years. It assumes that Alberta's population will grow by 1.5% per year, and the economy by 2.5% per year.

In one way, the nature of debate in a debt-free Alberta won't change. There will still be special interest groups pressuring politicians to spend tax dollars on their pet projects, and there will still be taxpayers fighting to keep their hard-earned money.

Whether Alberta becomes income tax free in 2015, or sooner, or never, will depend on taxpayers electing M.L.A.s committed to cutting taxes and controlling government spending.

Elections are suppose to be about choices and about visions for the future. Alberta has a unique opportunity to blaze a new trail towards income tax freedom. The resulting economic growth and high-paying jobs can be a model for other provinces to follow. Or, the Alberta government can fall back into the trap of uncontrolled spending.

Before casting your ballot on March 12, ask the candidates in your riding where they stand on the issue of eliminating personal income tax.