McNeil’s lack of a plan to pay off debt is intergenerational theft: CTF

Author: Paige MacPherson 24/02/2020
  • CTF slams Nova Scotia government for $2.6 billion debt increase and no plan to pay it off
  • Business tax cuts are great for growth of Nova Scotia’s businesses, but need to drop lower to attract investment
  • Spending is increasing

HALIFAX, N.S.: The Canadian Taxpayers Federation is calling for a plan from Nova Scotia Premier Stephen McNeil and Finance Minister Karen Casey to pay down the province’s newly announced debt loads, after the release of the provincial budget.

“The government calls its debt a generational investment, but with no plan to pay that debt down, it’s intergenerational theft,” said MacPherson. “The government needs to show taxpayers a concrete plan to pay down its debt.”

The Nova Scotia government recently announced the highest level of infrastructure spending in history, costing taxpayers over $1 billion.

Over the next four years, Nova Scotia’s debt-to-GDP ratio is increasing, and the net debt is rising by $2.6 billion.

“Premier McNeil cannot call this a balanced budget if the debt is skyrocketing upwards,” said MacPherson.

The CTF is praising the government for lowering the business tax, but encouraging the premier to eliminate corporate welfare in the province to drop the business tax further.

“Dropping the business tax is great for growth,” said MacPherson. “But going from the highest business tax in Canada to among the highest business taxes in Canada is nothing to write on a welcome mat.

“The government should eliminate all corporate welfare, including to the Yarmouth ferry boondoggle, and use those savings to drop the business tax further. Doing so will send a bold message to investors to move their jobs and tax revenues to Nova Scotia today.”