Changes to the New Brunswick Income Tax Act have been introduced in the Legislature to help generate new revenue for the province.
A new personal income tax rate of 21 per cent will be imposed on taxable income between $150,000 and $250,000 and 25 and three-quarters per cent for taxable income greater than $250,000.
Provincial Green Party Leader David Coon says corporate tax rates need to be raised because our essential services are falling apart. He points to gridlock in the acute care hospitals and waiting lists for subsidised housing as two examples. Coon also charges successive provincial governments have given away our natural resources for nothing.
These new tax rates will raise an estimated $30 million per year in additional tax revenue, according to the government.
