PC leader pledges to reduce taxes for Islanders

PC Leader Dennis King announced Wednesday the first of a series of the party's economic policy proposals in a news release.

An election will be heldon P.E.I. on April 23.

King said the following measures will be implemented if the PCs form the next government:

• Raising the basic personal tax exemption to the national average of $12,000 and tie future increases to the Consumer Price Index. He said this will directly benefit 84,000 Island taxpayers, remove 5,000 low-income Islanders from provincial tax rolls and provide an average of $280 in annual tax savings.Last year,the Liberal government raised the basic personal tax exemption to $9,160, which is still among the lowest amounts in Canada.
• Increase the base amount of the Low Income Tax Reduction program from $17,000 to $20,000. He said this targeted measure will directly benefit 12,000 low-income Island taxpayers and return an average annual savings of $150.
• Lower the small business tax rate to one per cent by January,2020. He said this will improve competitiveness for Island businesses by creating the lowest tax rate for small business in Atlantic Canada.

"When people and small businesses keep more of the money they earn that helps us all. They can better support families, invest and build for the future. That's how we'll get ahead together and share in our prosperity more fairly," King said in therelease.

Further details from the party's platform will be shared in the coming days, the release said.

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