New Brunswick Increases Taxes For Wealthy

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    The richest residents of New Brunswick are facing new tax brackets in Roger Melanson’s recent budget. Melanson, New Brunswick’s finance minister released his first budget since the Liberal government won the election in September. The budget is said to be focused on the government’s three key priorities: creating the conditions for job creation, facing fiscal challenges, and helping families. “The budget is guided by the principle of fairness, ensuring that those with the greatest ability to pay contribute more when it comes to addressing our fiscal situation,” he says. This ‘fairness principle’ ensures that those with the greatest ability to pay contribute more to fixing New Brunswick’s fiscal situation. The government will increase income taxes for the richest one per cent of New Brunswickers. A new tax bracket will be created at 21 per cent for taxable income between $150,000 to $250,000 and another bracket at 25.75 per cent for taxable income greater than $250,000, effective January 1, 2015. These personal income tax changes are estimated to raise an additional $30 million annually.