United Conservative Party leader Danielle Smith announced the campaign promise to strengthen the Taxpayer Protection Act this week.
The law, which already prevents a provincial carbon tax without a referendum first will, if the UCP are re-elected on May 29, add the same prohibition on personal and business taxes.
Though the socialist NDP, which some polls put ahead of the incumbent UCP, has promised not to raise taxes on individual Albertans, the party has campaigned on hiking the corporate tax rate.
According to analyses done by the Canadian Taxpayers Federation:
Alberta has the lowest general corporate income tax rate in Canada, at eight per cent and its small business tax rate is two per cent.
Interestingly, even with Alberta’s lowered corporate tax rate of eight per cent, the revenue the province is taking in is increasing. Alberta is forecasted to pull in $6.4 billion in corporate income tax in 2022-23.
That’s a sizeable increase from the $4.8 billion that the government collected in corporate tax back in 2018-19 when the tax rate was 12%.
Businesses are moving here and deepening the revenue pool, even though the tax rate is lower.
The NDP may raise taxes if they win, and for no benefit to Albertans, making entrepreneurs just collateral damage in the socialist war on private enterprise.
Kris Sims, Alberta Director of the Canadian Taxpayers' Federation, joins me tonight on the show.