Ontario increased its top marginal personal income tax rate by about 17 per cent.
The province is on track to run its ninth consecutive multi-billion dollar budget deficit.
Since 2007, Ontario has seen its net debt approximately double, from $157 billion to $308 billion.
Ontario will acquire approximately $50 billion in new debt between now and 2020/21.
In 2012/13, Ontario spent $25 billion on education—a 50 per cent increase in only one decade.
This year’s operating deficit will be “only” $5.7 billion in 2015/16, down from the $8.5 billion projected in last April’s budget.
From 2015 to 2018, interest on Ontario's debt will grow from $11.2 billion to $13.1 billion—an increase of nearly 17 per cent.