Taxes
Jim Rondeau is proud to be part of a government that has provided Manitobans with fair and sustainable tax relief. "This government's balanced approach of paying down debt while continuing to invest in health and education will keep the province moving forward."
Income Taxes
Since 1999, Manitoba has had the largest tax reductions in Manitoba history. A single-earner family of four, earning $60,000, will save more than $1,750 a year in their 2007 income tax, than they would have in1999, as a result of these tax reductions.
Business Taxes
Since 1999, the small business tax rates have fallen by 63%. In addition the small business tax deduction was raised so that many more small businesses could benefit from further tax savings.
In 2006, the corporation capital tax deduction doubled from $5 million to $10 million, reducing the number of firms paying corporate tax by 19%. As of January 2007, the corporate tax rate was reduced to 14%.
Property Taxes
Since 1999, Manitobans have saved $181 million in property tax reductions. The Education Support Levy was eliminated, the Education Property Tax Credit was increased from $250 to $400, and Manitoba seniors benefited from an increase in the Education Property Tax Credit to $800 from $625. The Farmland School Tax Rebate will save agricultural producers $24 million per year in education property taxes.
This commitment to responsible, balanced government finances has led to credit ratings increases and quality of life advantages for Manitoba families.
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