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MPs to vote today on 'middle class' tax cut
The ways and means motion will almost certainly pass the Liberal-dominated House of Commons
By James Fitz-Morris, CBC News Posted: Dec 09, 2015 11:59 AM ET Last Updated: Dec 09, 2015 1:03 PM ET
Canada's 42nd Parliament is set to adopt its first motion later today when the Liberal tax plan comes up for a vote.
The fast-tracked motion will allow the government's "middle-class tax cut," and corresponding tax-hike for the "one per cent," to be in place for Jan. 1.
There will be no debate or amendments to the motion, as per the rules of the House of Commons known as the standing orders.
Once passed, the tax rate for the second income bracket will drop to 20.5 per cent from 22 per cent.
In 2016 that bracket will catch all income between $45,282 and $90,563. The savings translates to a maximum of $680 for those with income at the top of the range and beyond.
Prime Minister Justin Trudeau, right, and Finance Minister Bill Morneau expect to see the government's new tax plan get underway today. (Sean Kilpatrick/Canadian Press)
The changes also create a new bracket for income above $200,000 with a rate of 33 per cent. The previous top rate of 29 per cent will still apply to all income between $140,388 and $200,000 in 2016.
The ways and means motion will almost certainly pass the Liberal-dominated House of Commons
By James Fitz-Morris, CBC News Posted: Dec 09, 2015 11:59 AM ET Last Updated: Dec 09, 2015 1:03 PM ET
Canada's 42nd Parliament is set to adopt its first motion later today when the Liberal tax plan comes up for a vote.
The fast-tracked motion will allow the government's "middle-class tax cut," and corresponding tax-hike for the "one per cent," to be in place for Jan. 1.
There will be no debate or amendments to the motion, as per the rules of the House of Commons known as the standing orders.
Once passed, the tax rate for the second income bracket will drop to 20.5 per cent from 22 per cent.
In 2016 that bracket will catch all income between $45,282 and $90,563. The savings translates to a maximum of $680 for those with income at the top of the range and beyond.
Prime Minister Justin Trudeau, right, and Finance Minister Bill Morneau expect to see the government's new tax plan get underway today. (Sean Kilpatrick/Canadian Press)
The changes also create a new bracket for income above $200,000 with a rate of 33 per cent. The previous top rate of 29 per cent will still apply to all income between $140,388 and $200,000 in 2016.