Under our failed Liberal government, our economy is suffering, jobs are vanishing, and families face higher taxes. I want to change this.
My plan to rebuild our economy includes addressing our overspending problem, while cutting regressive taxes so more money can stay in the pockets of hard-working Newfoundlanders and Labradorians.
Addressing our Overspending Problem: Debt Brake
We are burdening future generations due to our own government spending with high interest charges they will have to later pay for through further punitive tax increases or cuts to public services. This is why we need a Debt Brake law.
A Debt Brake law would cap the level of debt in relation to the size of the economy, and prevent unsustainable spending over an economic cycle. A debt brake law makes sustainability of debt fundamental to fiscal policy.
More importantly, a Debt Brake will ensure economic stability for our families and our future. It reassures entrepreneurs at home and abroad that Newfoundland and Labrador has the fiscal stability to do business. And, by addressing our overspending problem with a debt brake, we will be able to work with our communities to create well-paying jobs and while also ensuring a more efficient public sector.
Cutting Regressive Taxes: Repealing the 15% Insurance Tax
Newfoundlanders and Labradorians know how to spend their own money better than politicians do. That is why I am focused on a gradual repeal of regressive Liberal tax hikes.
If elected Premier, this means repealing the 15% tax on insurance premiums within the first year of my mandate. This will make it easier for struggling families to pay their mortgages and insure their vehicles, while returning money into our economy and away from our politicians.