We will give middle class Canadians a tax break, by making taxes more fair.
When middle class Canadians have more money in their pockets to save, invest, and grow the economy, we all benefit.
We will cut the middle income tax bracket to 20.5 percent from 22 percent – a seven percent reduction. Canadians with taxable annual income between $44,700 and $89,401 will see their income tax rate fall.
This tax relief is worth up to $670 per person, per year – or $1,340 for a two-income household.
To pay for this tax cut, we will ask the wealthiest one percent of Canadians to give a little more. We will introduce a new tax bracket of 33 percent for individuals earning more than $200,000 each year.