Liberals Promise New Multi-Billion Dollar Spending Initiatives Ahead of Election

Prime Minister Justin Trudeau has vowed to increase tax-revenue and ramp up spending, as part of what is turning out to be a tight race for re-election.

According to a document released by the Liberals on Wednesday, Trudeau has laid out nearly 100 new spending projects affixed with a combined price tag of $78 billion over a duration of five years. His platform plans to invest in a variety of efforts, including climate change, arts and culture, as well as restoring employment to above pre-pandemic levels.

Moreover, the Liberal party also provided additional context about its housing strategy, which targets making 1.4 million new and refurbished homes available to Canadians. Trudeau also promised to ban international property investors from purchasing homes for two years, as well as propose an anti-flipping tax that would force homebuyers to own the house for at least one year before they can resell it.

In order to pay for the new spending plans, the Liberals propose new forms of tax revenue, such as boosting the corporate tax rate from 15% to 18% on banks’ profits exceeding $1 billion, in addition to raising the minimum tax on those making above $214,368 to 15%. When combined, the tax revenue measures are expected to create approximately $25.5 billion over a span of five years.

The new fiscal policy plans came just as Statistics Canada showed that the economy contracted 1.1% in the second quarter from one year ago, which will likely lead to criticism of the Liberals’ leadership throughout the pandemic. With the new spending initiatives in mind, Trudeau is forecasting a budget deficit of $336 billion over the next five years, just above the shortfall previously projected by the Liberals in their April budget. However, the projected budget deficit is significantly larger than the $266 billion baseline forecast by the Parliamentary Budget Office.


Information for this briefing was found via Bloomberg and Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

Ukrainian Firm Works To Scam Canadians, Uses Fake Endorsements From Trudeau

Every evening, approximately 150 individuals converge upon a nondescript building in Kyiv, embarking on a...

Monday, March 4, 2024, 04:19:00 PM

Trudeau Foundation To Return $200,000 Donation From Beijing Adviser

Conservatives say donation compromised report on foreign election interference written by the former CEO of...

Thursday, March 2, 2023, 10:15:19 AM

‘Canada Proud’ Sees Surge on Facebook Thanks to Trudeau Policy Intended to Help News Orgs

Right-wing content creator Jeff Ballingall’s Canada Proud Facebook page is experiencing an unexpected surge. Since...

Tuesday, April 16, 2024, 01:22:13 PM

New Poll Finds Majority of Canadians Crave Political Change, Conservatives Gain Over Liberals

Canadian politics is witnessing a widespread desire for change, according to a recent survey conducted...

Wednesday, June 14, 2023, 10:48:05 AM

Trudeau On His Own ArriveCAN Subcontracting: “Illogical And Inefficient”

Irony was painted all over the town after Prime Minister Justin Trudeau said it was...

Tuesday, January 24, 2023, 03:50:00 PM