MONTAGUE, PE – NDP Leader Mike Redmond announced today that he will reduce the provincial small business income tax rate to the lowest in Atlantic Canada.
“Small business people are the backbone of local economies and the creators of new jobs,” said Redmond. “We’ll start by cutting the small business tax rate from 4.5% to 3%, a 33% reduction. With this step, small businesses can hire more employees, pay better wages and help our local communities prosper.”
In 2013, the Liberals increased PEI’s small business tax rate by 350%, making it the highest in the Atlantic region.
“We will work toward a living wage because Island workers deserve a raise,” said Redmond. “And we need to work with small businesses to reduce red-tape and enhance productivity, skills and training.”