EDMONTON, AB (June 28, 2018) – Today’s release of the 2017-18 year-end financial update shows personal and corporate income tax revenue is down $402 million and $470 million respectively from Budget 2017 expectations, proving once again that NDP tax hikes are negatively impacting Alberta’s finances, leaving less for government services Albertans expect.
“As the direct result of tax grabs by an out-of-touch NDP government, driving out jobs and investment, there was lower tax revenue meaning less for government services and more debt for Albertans,” said United Conservative Finance Critic Drew Barnes. “If the NDP had focused on removing barriers to free-enterprise and the creation of mortgage-paying jobs instead of tax hikes to cover their rampant spending increases, they could have had higher tax revenues from a stronger economy.”
The updated year-end deficit – a staggering $8 billion – is still nearly eight times higher than what they promised Albertans for the year in their 2015 election platform, as a result of rampant spending increases and mismanagement.
“It’s not good enough to tell Albertans that the NDP deficit was only eight times what the NDP promised, not ten, just because the government happened to get lucky with resource and investment revenues last year,” said Barnes. “Today the out-of-touch NDP is amazingly celebrating a current debt of $43.4 billion, with the figure going to nearly $100 billion in the near future. It’s well past time for this NDP government to get serious about getting Alberta’s finances in order now.”
Albertans were also on the hook for $40 million more than expected in interest payments on NDP debt in 2017-18, now up to $659 million.
This year alone, Albertans can expect to pay nearly $2 billion in interest payments on debt, as the result of massive NDP spending hikes and mismanagement – more for bankers and bond holders, less for government services.