Every extra dollar of net income earned by any business that steps over the $500,000 threshold will be taxed at a rate five and half times the small business rate.
Budget contained no plan to offset the dramatic increase in business taxes associated with reintroducing the Provincial Sales Tax a few years ago.
As B.C. budget day looms, Premier Clark’s first place ranking on fiscal policy no reason for complacency
Against the backdrop of a sluggish and uncertain economy, B.C. Finance Minister Mike de Jong unveiled a largely status quo budget on Tuesday.
The provincial government will deliver its budget today, amid a backdrop of fallen commodity prices and a generally sluggish economy. In light of British Columbia’s mounting government debt, vigilance and restraint will be key.
“B.C. is currently on target to balance the 2014/15 budget,” declared Mike de Jong, B.C.’s finance minister while unveiling the government’s latest financial update. Understandably, many British Columbians will take de Jong’s comments at face value.
One item sorely missing from Finance Minister Mike de Jongs recent provincial budget was a plan to make BCs business taxes more competitive and attractive for investment.
Tuesdays BC budget, which Finance Minister Michael de Jong called boring, balanced, should have set out an ambitious agenda for the next four years.