The Five-Year Tax Reduction Plan proposed in Budget 2000 delivers immediate and growing tax relief to all Canadians - middle and low-income earners and families with children will benefit in particular.
By 2004, our Five-Year Tax Reduction Pan will cut taxes by at least $58 billion - and by an average of at least 15% annually for all taxpayers.
Low and middle-income Canadians will see their net personal income tax reduced by an average of at least 18% annually.
Families with children will enjoy an average reduction in their net personal income tax of at least 21% annually - thanks largely to the enrichment of the Canada Child Tax Benefit.
The combination of tax relief measures in our last three budgets and the Five-Year Plan will reduce personal income tax for all Canadians by an average of at least 22% annually by 2004 - and by more for families with children.
Immediate Relief: By 2001
A typical one-earner family of four with income of about $32,000 will pay no net federal tax - after Canada Child Tax benefit and GST/HST credits.
A typical one-earner family of four with income of $40,000 will have its net federal personal income taxes reduced by 17%.
A typical two-earner family of four with income of $60,000 will have its net federal personal income tax reduced by almost 9%.
Relief that Grows Over Time: By 2004
A typical one-earner family of four with about $35,000 in income will pay no net federal personal tax.
A typical one-earner family of four earning $40,000 will see its net federal personal income tax reduced by at least $1,623 a year - or 48%.
A typical two-earner family of four with income of $60,000 will have its net federal personal income tax reduced by at least $1,546 per year - or 27%.
The 2000 Budget
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