Tuesday, January 27, 2009

Fat deficits are back

CTF Alberta Director Scott Hennig talks federal budget on Global Edmonton.

Hennig also spoke in a Global Edmonton report.

CTF Sask Director Lee Harding bemoans the deficit spending announced in the budget: $34 billion in fiscal 2009 and $85 billion over the next five years.

Our news release reports, "the government is increasing the basic personal exemption from $10,100 to $10,320. The first two tax brackets are also having their upper limits increased; to $40,726 at 22% and to $81,452 for 26%." Tax meaures in the budget are listed here.

Federal budget highlights at a glance (c/o CTV)

$85 billion deficit over the nest five years
Personal taxes down $20 billion over six years
Business taxes cut by $2 billion over six years
$12 billion for infrastructure spending towards roads, sewers and universities, $1 billion for "green" infrastructure, and $1 billion for clean-energy research.
$1.5 billion for job training programs
$7.8 billion for social housing and home renovation, including a one-year only Home Renovation Tax Credit of up to $1,350 per household.
$2.7 billion in short-term loans to the auto industry.
More than $1.4 billion for aboriginal schools, health, water, housing, community services and training.
About $325 million for arts and culture.

Click here for interactive charts on the budget from the CTV website and here for the latest news on the CTF.

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