CFIB will respond to provincial budget for Island members
Tackling the Island's significant deficit and the debt are small businesses' top priorities for the upcoming budget - and doing so without raising taxes. We recently met separately with PEI Finance Minister Wes Sheridan and members of the opposition Tory caucus to share all of this - and more.
We delivered the message that PEI needs a fiscal plan which focuses on returning the province to a balanced budget by 2014 while growing the economy. With the 2011 deficit growing well-beyond initial estimates - reaching $73 million - we will be watching the 2012 budget closely to ensure that progress is being made to get the public purse back on track - without adding to the burden of tapped-out taxpayers.
CFIB made several recommendations aimed to help achieve this, including:
- A commitment and plan to balance the budget by 2014, without increasing taxes;
- A comprehensive debt reduction plan;
- Significant spending restraint, including an examination of public sector wages and pensions to ensure sustainability, fairness and comparability with the private sector;
- Develop a long-term tax plan which examines the overall burden on small business and which includes
- Increasing the basic personal exemption
- Eliminating 'bracket creep'
- Commit to a formalized red tape reduction strategy; and
- Set clear objectives for minimum wage policy and publicly evaluate its effectiveness.
