N.L. NDP launch tax hike calculator
The Newfoundland and Labrador NDP have launched a budget calculator which purports to show how much money each family will lose because of the province's tough budget.
The NDP calculator comes on the heels of an official government version, which the party criticized, saying it didn't show the impact of any tax hikes.
"What our calculator does is give people an idea how much more they can expect to lose from their disposable income as a result of the measures in the Liberal budget," said NDP Leader Earle McCurdy, in a press release.
The calculator shows that an individual earning $70,000 gross pay yearly will owe about $2,750 more in taxes and fees by 2017.
Much of that hike — about $1,000 — comes from the income tax increase. Another $600 comes from the levy, $590 from increased HST rates and $400 from the fuel tax increase.
The numbers were calculated using government sources, gas price averages and an old report by the Canadian Centre for Policy Alternatives.
But the NDP tool doesn't account for the new provincial income supplements, which the government updated this year to offset the tax hikes.
People over 65, or who make less than $45,000 yearly, will be getting some cheques from the government starting in October.
Eligible residents can calculate their benefits on the provincial government website.