BC United Announces Largest Tax Cut In British Columbia’s History

BC United has announced it would implement the largest middle class tax cut in British Columbia’s history if it forms the next government.

Leader Kevin Falcon said the party will eliminate provincial income tax on the first $50,000 earned by every British Columbian, which the party says would result in the complete elimination of provincial income tax for 60 percent of people.

Falcon says it would also put an average of about $2 thousand back into pockets by increasing the current personal exemption from about $12 thousand to $50 thousand.

In a release, BC United says British Columbians have struggled with rising costs of living under the NDP government.

For perspective, the party says a minimum wage worker earning $35,000 annually will pay no provincial income tax, saving approximately $1,134.

Someone earning $50,000 will also see their provincial income tax reduced to zero, saving $2,052 annually.

The tax cut is projected to cost $5.4 billion annually, or about 1 percent of B.C.'s nominal GDP.

However, the expected increase in economic activity, consumer spending, and job creation is anticipated to offset a significant amount of the revenue loss.

For more information, visit BC United.