EDMONTON, AB: A new paper from the Fraser Institute demonstrates that under the NDP, Alberta’s position as an attractive place to do business and invest has been lost due to tax policy changes, the Wildrose Official Opposition said.
The study shows that since the NDP formed government in 2015, Alberta has gone from having the lowest business tax rate in Canada to being in the middle of the pack, and has lost its status of having the lowest top combined federal-provincial/state tax rate out of 60 provinces and American states to having the top personal income tax rate being the 46th lowest.
“NDP policies are having a very real impact on attracting investment to our province, and that only makes things worse for all Albertans,” Wildrose Leader Brian Jean said. “In particular during an economic downturn, we need to do what we can to attract investment, not turn it away with uncertainty created by NDP policy.”
In addition to the tax changes made, the NDP have also hurt investment in the province by introducing a carbon tax that puts the province at a significant disadvantage when compared to energy producing jurisdictions in the United States.
“The NDP must understand that their actions are having real, negative consequences for our economy,” Wildrose Shadow Finance Minister Derek Fildebrandt said. “The decade-long assault on the Alberta Advantage has left us with a weakened investment climate, higher taxes and an exploding debt burden. Step one in making Alberta open for business again is rebuilding the Alberta Advantage.”
Recent examples of investment leaving Alberta include Western Feedlots Ltd’s closure and the indefinite postponement of the Koch Oil Sands $800 million Muskwa project.