Tory Platform Unveils Billions In Cuts To Balance Budget In 5 Years - 2019-10-11
TSAWWASSEN, B.C. — The Conservatives are promising to balance the federal budget within five years by delaying billions of dollars' worth of federal infrastructure spending, levying a tax on tech giants, forcing tobacco companies to pay for anti-smoking campaigns and finding ways to cut billions of dollars in spending.
The savings would help fund $6.2 billion in new spending and forgone revenue next year that's largely in the form of tax cuts and tax credits, but also includes some big-ticket items like MRI machines and support for businesses that help curb greenhouse-gas emissions overseas.
Under a Conservative government, spending and forgone revenue — things that make the government's fiscal balance worse — would increase by $11.4 billion by 2024-2025, driven largely by the Tories' signature "universal tax cut," which lowers the tax rate for income under $47,630 to 13.75 per cent from 15 per cent.