Fredericton, NB: The Canadian Taxpayers Federation is applauding the Higgs government’s fifth consecutive balanced budget, but is expressing disappointment with the budget’s lack of tax relief.
“The Higgs government deserves credit for years of sound fiscal management and paying down the debt by over $2 billion,” said CTF interim Atlantic Director Jay Goldberg. “But entering this year, the Higgs government had a surplus of $862 million. Despite all of that fiscal room, the government failed to deliver on tax relief this year.”
The government is projecting a surplus of $40 million for 2023-24, down from $862 million in 2022-23. The lower surplus is due to a 5.2 per cent increase in spending since the fall economic statement.
Total revenue is expected to be $12.2 billion in fiscal year 2023-24. Spending is up $750 million over budget 2022.
“Last year, the Higgs government delivered income tax relief that helped families who were getting hit hard by bigger grocery bills and mortgage payments,” said Goldberg. “This year the government decided to spend more money instead of helping taxpayers directly.”
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