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Ontario NDP Leader Andrea Horwath says her party won't defeat the Liberal budget after Premier Dalton McGuinty agreed to implement a surtax on the rich, in a move that will avert a second election in seven months.
Horwath told reporters Monday afternoon that although she still has concerns about the budget, "we have made the budget fairer for Ontarians."
The funds raised from the surtax would be dedicated to paying down the $15.3-billion provincial deficit, McGuinty told reporters after a 40-minute meeting with Horwath. The surtax, which could generate between $440 million and $570 million, will be eliminated when the budget is balanced in five years, he said.
"They wanted a tax on the rich. I want to pay down the deficit faster," said McGuinty.
In addition to what Horwath calls the "fairness tax," the Liberals also agreed to increase welfare and disability support payments which had been frozen in the budget, put more money into child care and give one-time funding of $20 million to help rural and northern hospitals.www.huffingtonpost.ca...
The cynics wonder if this will only keep on padding the coffers of the big government spenders. (Well, how did the deficit get so damn high in the first place?)
Until we stop borrowing money from private banks and return to the BoC model of borrowing at 0% interest, we will ALWAYS have a deficit in Canada.
We pay 160 million a day in interest on those loans, when we could pay 0% interest and have that money return into our economy. A balanced budget could occur in less than 5 years if we made the BoC pay the debt owed to private banks.
Originally posted by aboutface
reply to post by tothetenthpower
We would all like to return to the former model, but how could we ever do that if our leaders say nothing or do nothing? My question is why don't they?