British Columbia's ruling party announced plans to cut income taxes in order to retain talent in the province. The announcement didn't provide details on the timing or say how to pay for the cuts.
B.C. reportedly has Canada's lowest provincial tax rates for people earning up to $67,500. But taxes on income between $67,500 and $150,000 rise to a high of 14.7 percent. Neighboring Alberta taxes that income level at a 10 percent rate -- and has both the country's lowest jobless rate and highest wages.
A group created by Premier Gordon Campbell, the B.C. Competition Council, has urged lowering taxes to 10.9 percent for those earning between $77,500 and $150,000. Others point out that the soaring cost of housing takes more bite of personal income than taxes and is calling on the ruling party to act.