Lower Taxes, A Competitive Advantage
Lower taxes will improve the quality of life for Nova Scotians, today and in the future, Finance Minister Neil LeBlanc said Wednesday, Jan. 22.
Speaking at a meeting of chartered accountants and financial executives in Halifax, the minister acknowledged that the government's plan to lower taxes will spur heated debate, but added Nova Scotia must look ahead and move forward.
"The future of this province rests in the hands, minds and on the backs of working Nova Scotians," said Mr. LeBlanc. "If we can put a few more dollars into those hands our future is stronger, brighter and more secure."
Last year, the government brought in Nova Scotia's first fully- balanced budget in four decades. The minister said the province will close the 2002-03 fiscal year with a surplus, and in the spring he will bring down a second consecutive balanced budget.
He noted that more Nova Scotians are working today than ever before and last year the province's economy grew at the second fastest rate in the country -- Alberta's was first.
Although health care remains the biggest challenge for the province, there has been considerable success in bringing health costs under control. Mr. LeBlanc said that record will continue and improve.
He said lower taxes will help strengthen the Nova Scotia economy and its competitive position. Lower income taxes will also help to attract and retain the best and the brightest.
"Our greatest legacy to young Nova Scotians is a province that holds all the promise, all the opportunity, they now seek in Toronto, Calgary and Boston," he said. "Our responsibility is to create a more competitive, stronger Nova Scotia with more and greater opportunities. We are optimistic...only a government with that outlook will lower taxes."
In answer to people who favour debt reduction rather than tax reduction, Mr. LeBlanc said the growing economy, combined with ongoing government spending restraint, will shrink the province's debt-to-GDP ratio, which is the truest measure of fiscal health.