But there's no money for education, health and social services
UCP’s Corporate Tax Cuts Could Let Five Companies Alone Reduce Public Revenues $4.3 Billion
Albertans are just at stage one of the United Conservative Party’s corporate tax cut plan — but reports show five companies alone are already projecting a $4.277 billion in “savings.”
One of the first bills passed by the UCP government cut the province’s corporate tax rate — reducing it to 11% from 12%, as part of its plan to reduce the rate to 8%.
The reduction was followed by a budget that included cuts to health, education, social programs and more, so deep one expert warned could they trigger a “Kenney recession.” According to Premier Kenney, these cuts are necessary because the province is “broke.”
While campaigning, the current opposition warned Kenney’s corporate tax cut could blow a $4.5 billion hole in public revenues “over four years.”
But reports from just five of Alberta’s top companies themselves suggest the likely drop in revenue is larger than that.
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