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The Liberal government has also made some of the biggest tax cuts in the history of Canada. Tax cuts in 2000 alone will deliver a total of $100 billion in tax relief to Canadians by 2005. Personal income taxes have fell, and by 2005 all Canadians average personal tax burdens will be less than 21 percent than it is today. Lower personal income tax rates lead to higher revenue - not lower. The Liberals have cut the income tax rate by 20 points since 1996, and personal income tax revenue has gone up by over $3.3 billion a year. In Canada, nine provinces cut personal income tax rates since 1995. In every case, checked financial statements show that income tax revenues are now 9% to 36% higher than they were before rates were cut, because the economy's more competitive. The Liberals have done a fantastic job in cutting taxes. They have pleased many people with this plan, and have saved the Canadian economy millions of dollars, if not billions. If they continue to follow this tax cut plan many more will be pleased. By cutting taxes that much they show dedication to the citizens of Canada and prove that they will follow through with their tax plan.
The Liberals have done a tremendous job of paying off some of Canada's largest debts. This year alone the Liberals have paid off over 10 billion dollars in foreign debts. Their plan is to set aside 3 billion dollars each year now for Canada's debt to other countries. Canada, as of March 31st 2002, has a debt of $536 489 000. Before Canada's debt was well over 40 billion dollars, but the Liberals have made it one of their top priorities to cut the debt and pay some of it off. This was a good idea to boost Canada's economy. In order to pay off the debt the Liberal party needed a good plan to keep the debt down but not to spend all of the money on it. By cutting down Canada's debt to other countries it is causing the Canadian dollar to rise.