In anticipation of the 2024 federal budget, Canada is poised to see tax increases as the government seeks to cover a slew of financial commitments, including a pre-existing $25 billion deficit, $21 billion in new federal spending commitments as reported by CBC, lost revenue due to tax incentives, and skyrocketing OAS payments. This move aims to fund promises without hindering potential interest rate cuts, amidst concerns from experts about the feasibility of meeting fiscal targets. President Biden has similarly emphasized the need for tax hikes on the wealthy and corporations to address budget shortfalls and reduce the deficit in the U.S. The Canadian government's strategy, detailed in the lead-up to the April 16 budget announcement, involves balancing new spending against the need for fiscal prudence, with economists expecting tax adjustments to offset billions in new spending promised in pre-budget announcements.
After two straight weeks of near-daily teasers on what to expect from her fourth-and-counting budget speech, Finance Minister Chrystia Freeland is finally ready to unveil her full fiscal to-do list #cdnpoli #Budget2024 https://t.co/5DFjMCNjT9
iPolitics has recapped and summarized the major budget announcements made by the Liberals in the lead-up to April 16, and takes a look at some of the big lingering questions #cdnpoli https://t.co/nYoWbUFnVY
After countrywide pre-budget tour, Liberals reveal Tuesday how they’ll pay for it all https://t.co/3TcgkUnFyz https://t.co/HJ3F7bm1bv
NEW Federal spending commitments = $21 billion (CBC) PLUS existing $25B deficit .... PLUS ...... Lost revenue due to tax incentives ..... PLUS OAS payments are skyrocketing. Your taxes are going up on Tuesday.
NEW Federal spending commitments = $21 billion (CBC) PLUS existing $25B deficit PLUS ...... Lost revenue due to tax incentives PLUS OAS payments are skyrocketing. Your taxes are going up on Tuesday.
NEW Federal spending commitments = $21 billion (CBC) PLUS existing $25B deficit PLUS ...... Lost revenue due to tax incentives Your taxes are going up on Tuesday.
NEW Federal spending committments = $21 billion (CBC) PLUS Lost revenue due to tax incentives Your taxes are going up on Tuesday.
iPolitics has recapped and summarized the major budget announcements made by the Liberals in the lead-up to April 16, and takes a look at some of the big lingering questions #cdnpoli #ParlCA https://t.co/nYoWbUFnVY
Canada to unveil budget as experts doubt fiscal targets https://t.co/tZfqNyoFem https://t.co/GyeFIyIvdO
⚠️ CANADA TO UNVEIL BUDGET AS EXPERTS DOUBT FISCAL TARGETS Full Story → https://t.co/9lyy36nlCK https://t.co/L64IrqY82A
Economists say they're expecting the federal government to raise taxes in Tuesday's budget to help offset billions of dollars in new spending already promised in the pre-budget announcements that have been landing almost daily since the end of March. https://t.co/mXQhbm1t8Y
iPolitics has recapped and summarized the major budget announcements made by the Liberals in the lead-up to April 16, and takes a look at some of the big lingering questions #cdnpoli #Budget2024 https://t.co/nYoWbUFnVY
Experts predict tax hikes in budget as Trudeau government stretches to pay for its promises. Sources say the Liberals are anxious to avoid anything that might prevent interest rate cuts. https://t.co/QBemjzq3Kq #cdnpoli Find out more at https://t.co/xofn4ZIXij https://t.co/unvW4nrgg9
Federal budget 2024: What lies ahead for Canada’s health-care system? https://t.co/8Aqj5mkP44 https://t.co/gUPmNz2M44
As Mr. Biden tells it, the tax increases are necessary to address budget shortfalls and help reduce the deficit. He argues the revenue should come from the wealthy and corporations because they simply aren’t paying their share. https://t.co/8aUdzHtPr0