Québec solidaire would raise the income tax rate by more than $90,080 | Elections Quebec 2022

The financial framework presented by the party on Friday notably provides for an increase of three levels of personal income tax, namely: 1.75 percentage points starting at $90,080; 2 percentage points above $112,655; and 4.25 percentage points above $200,000.

The basic personal amount would be increased by $500, which, according to QSwould represent an annual gain of $80 for people earning less than $90,000 per year.

The personal tax reform that the party wishes to implement would allow the Quebec government to garner additional revenue of $5.12 billion over four years.

All of the measures put forward to increase sources of financing from businesses are equivalent to $17.76 billion. Small and medium-sized enterprises (SMEs) would not be affected, but rather big pollutersthem large companies (500 or more employees), financial institutions and digital giants (GAFAM). Mining royalties and water royalties would also be increased.

But it is also by stopping deposits in the Generations Fund ($17.39 billion over four years) that QS wants to replenish the public treasury.

Such savings would allow the Quebec government to return to a balanced budget as of 2024-2025, the party predicts. However, a deficit of $500 million (M$) is forecast for 2023-2024.

Instead of continuing to make payments to the Generations Fund, QS would rather set up a Climate Emergency Fundin which $500 million would be paid annually starting in 2024-2025.

The Quebec Infrastructure Plan (PQI) would also be reviewed in depth. Thereby, QS abandon $5.28 billion worth of projects, i.e. the third link between Québec and Lévis as well as the extension of highways 13 (between Saint-Eustache and Mirabel), 19 (between Laval and Bois-des-Filion), 25 (toward Sainte -Julienne) and 30 (between Brossard and Boucherville).

These projects would be replaced by $32.5 billion of new projects.

However, road projects carried out for reasons of safety or opening up would be maintained, as would maintenance or repair projects for existing infrastructures.

The gross debt/GDP would drop from 42.1% to 44% due to the significant investments dedicated to financing the ecological transitionbut these will have barely perceptible impacts on debt servicingcan we read in the financial framework.

Ambition and rigor

The financial framework of QS is, at the same time ambitious and rigorous argues the party, which plans three major projects: fight against the cost of living crisis, ensure better intergenerational solidarity and restore public services.

Under a united government, revenues and expenditures would increase more than what was forecast in the last budget of the Minister of Finance, Eric Girard, predicts QS.

In particular, the party plans to achieve savings of $8.27 billion over four years by creating Pharma-Québec, which would make it possible to centralize the purchase of drugs. His new taxes on the great fortunes and the great estateswhich were debated this week, would bring in $9.97 billion over four years.

As far as spending is concerned, the party puts its promise to abolish the Quebec sales tax on essential goods at $3.8 billion, and at $3.6 billion its commitment to abolish all forms of primary and secondary education.

Some $560 million is also budgeted to create an elected Constituent Assembly. This would have the mandate to write the constitution of an independent Quebec which would then be submitted to the population by referendum.

The second financial framework of the campaign

The financial framework of QS was presented to the press on Friday morning at the Boréalis museum in Trois-Rivières by party spokesperson Gabriel Nadeau-Dubois. He was accompanied for the occasion by three representatives of the party’s economic team, namely Simon Tremblay-Pepin (Pointe-aux-Trembles), Mathieu Perron-Dufour (Hull) and Christine Gilbert (Lotbinière-Frontenac).

QS is the second formation to present its financial framework since the start of the electoral campaign. the QLP made his public last Sunday.

In the last few days, Gabriel Nadeau-Dubois had already warned that the financial framework for his training would be balance and that it would provide, as in 2018, for the suspension of all payments to the Generations Fund.

During a citizens’ assembly Thursday evening in Trois-Rivières, he also hinted that the document would include a new tax on financial institutions and a drop in post-secondary tuition fees.

These two measures do indeed appear in the financial framework presented by QS Friday: the first would bring in Quebec $1.21 billion over four years, while the second would cost $980 million during the same period, according to party estimates.

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Briefly interrupted yesterday due to the death of Queen Elizabeth II, the Quebec election campaign is picking up again today.

The caravan of Gabriel Nadeau-Dubois will later take the direction of Quebec, where the spokesperson must participate this evening in a public meeting in the riding of Jean-Lesage, where the outgoing deputy Sol Zanetti is representing himself.

His colleague Manon Massé spends the day in Maurice-Richard, in Montreal, with candidate Haroun Bouazzi.

More details will follow.

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