Budget 2024: Liberal Government Proposes Increased Taxes on Wealthy Individuals
The Liberal government is increasing taxes on the wealthy to fund expenditures, as outlined in the annual budget presented on April 16.
Deputy Prime Minister and Minister of Finance Chrystia Freeland stated in the House of Commons in Ottawa that, “We are driving economic growth that will empower every generation of Canadians to achieve their full potential.” She added, “And we are enhancing the fairness of Canada’s tax system by ensuring that the wealthiest individuals contribute their fair share.”
The budget proposes $39.2 billion in spending over six years, with a focus on housing and other social services.
The budget will undergo a vote in the House of Commons before being approved.
Last November, the Liberals projected an annual budget deficit of around $40 billion for the current year, a forecast that remains consistent in today’s budget.
In the lead-up to today’s budget announcement, the Liberals revealed various initiatives spanning housing, national defense, child care, and artificial intelligence.
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