Press
Release/Communiqué
Date: February 28th, 2000
2000 BUDGET – BETTER FINANCES, BETTER LIVES
OTTAWA - Paul Steckle, M.P., for Huron-Bruce, today
applauded the Federal Minister of Finance, the Honourable Paul Martin, for his year
2000 Federal Budget. This year’s
Budget, aside from tax cuts and investments in education, health care and
infrastructure, announced that the federal books will balance in the fiscal
years 2000/2001 and 2001/2002. Steckle
noted that, “…the
journey is not over but we have come a long way. Only a few short years ago we were on the verge of financial
collapse and today we have the ability to cut taxes, to substantially invest in
education and health care, to improve upon our national infrastructure and to
reinforce our commitment to debt retirement.”
In addition to balancing,
the year 2000 budget expanded upon a plan that, once fully implemented, will
reduce overall federal taxation by approximately $58 billion over the next four
years (which represents 15% per year for all taxpayers and 21% per year for
families with children); will invest a record $31 billion in our national
education and health care systems (with a projected amount of $43.7 billion in
2003/2004); will allocate over $2.65 billion for infrastructure repair and
upgrade; eliminated “bracket creep,” offering taxpayers additional protection
against inflation; and increased the RRSP foreign content regulations
(increased to 30%). “I am happy
to see that the Minister’s seventh budget follows the fiscally responsible
pattern established in the previous six.
Aside from spending in areas labelled as essential by the Canadian
public, the Minister has, by embracing the concept of 50% - 50% spending and tax
cut ratio, demonstrated his foresight by making decisions that will pay down
our $600 billion national debt, thus putting Canada on the long-term road to
success,” Steckle noted.
In addition Steckle observed
that, “this budget recognizes the importance of responsible
taxation with regards to seniors and the family. Due to the changes announced today, a typical one income earning
family of four, making $40 000.00, will see its net federal income tax reduced
by 48% (approximately $1,623.00 per year) by the year 2004. In addition, this budget announced that the
federal government will index, against inflation, all direct income and tax
benefits for seniors. In short, this
means that a single senior, with an income of $15,000.00, will have their
overall federal income tax reduced by
84%.”
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Steckle concluded by saying, “Education, health and infrastructure all
received much needed federal funding however, not at the expense of national
debt retirement and tax cuts. The
Minister has recognized that it would be very easy to slide back in to the
spiral of financial mismanagement that caused over fifty years of staggering
debt and deficit. Canadians understand
the value of paying bills and saving for the future during times of economic
growth while at the same time, helping those who need it the most. This budget strikes a healthy mix of
both.
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___________________________________________________
For technical information or
additional general material, media
representatives may contact:
Greg McClinchey
Legislative Assistant to
Paul Steckle, M.P.
(613) 995-9848 or steckp0@parl.gc.ca