Finance Minister Says Tax Cuts Will Offset Carbon Tax
By 250 News
Minister of Finance Carole Taylor says the $100 dollars that each person will receive from the provincial government is designed to offset the 2.4 cent increase in the price of gasoline come July 1st-2008.
The Finance Minister, commenting on the budget to Opinion250, says the reduction in taxes which will see an average family with two children see their taxes drop by about $260 dollars a year ,is designed to offset the effects of the 7.2 cent a litre increase in the cost of fuel.
The Minister says her department has calculated that the increase in the cost of running a pick up will amount to $46 dollars in year one to $96 dollars in the second year.
Taylor says the Province will spend an additional $10 million to improve roads that have been badly worn by heavy trucks hauling Beetle wood.
There is a reduction of $24 million in school taxes for big industries such as pulp mills and saw mills which will help them to get through the tough times ahead.
Those tough times according to the minister will be felt this year in the forest industry. "Our forestry revenue was cut from September of 2007 to February of 2008 by $1 billion dollars " That shows just how big an impact the down turn in the forest industry is having on the province.
"It is going to be a difficult year in the forest industry" said Taylor, "We are hoping the round table will be able to come up with some ways of helping us through these tough times."
In the meantime, the Province will offer special incentives to Movie companies to locate their productions outside of the lower mainland, "We are hoping by handing out this tax break that more film companies will shoot productions outside of that area."
Will the Province re examine the fuel tax if it hurts those in the central and northern part of the province who must rely on pick up trucks and other SUV’s in order to get to and from work which in many cases can be a substantial distance? Taylor says it has already been suggested that the next finance minister will look at how the tax in playing out over the next two years and can recommend changes.
This was Carole Taylor’s last budget. She is not seeking re election in the upcoming provincial election.
Previous Story - Next Story
Return to Home