The Liberals promise to:
•Cut middle-class income-tax bracket to 20.5 per cent from current 22 per cent; create a new tax bracket of 33 per cent for annual incomes of more than $200,000.
•Cancel income-splitting for families; party calls it “a $2-billion tax break to the top 15 per cent of Canadians.”
•Introduce a new income-tested, tax-free monthly Canada Child Benefit that would boost payments to all families with children and annual income below $150,000.
•Cancel TFSA increase to $10,000, saying it helps well-off Canadians who need it the least.
•Retain tax breaks for small businesses but want to ensure this doesn’t primarily benefit the wealthy.
•Balance the budget in 2020.
•Cancel Conservative plan to increase OAS eligibility age to 67.
•Increase Canada Pension Plan contributions and benefits for Canadians.
Lower the federal income tax rate to 20.5 per cent on incomes between $44,700 and $89,401, paying for it by raising taxes on the wealthiest one per cent. Bring in a new, tax-free child benefit to replace the Conservative universal child benefit.