Alberta finance minister will reexamine de-indexing of tax brackets that costs Albertans millions
National Post: 'Alberta’s finance minister has vowed to remove a backdoor tax hike that was costing Albertans millions on their annual income tax bills — if the government’s promising economic projections become reality.
'Travis Toews made the comments at a Tuesday meeting with the members of the National Post’s editorial board.
'Back in 2019, the Alberta government de-indexed income taxes, given the collapse in oil prices that had spun the province into a recession. At the time, it argued that indexing — which meant that tax brackets moved upwards with inflation — amounted to “unaffordable” tax expenditures for the government.
'By de-indexing tax brackets — a measure the province said would last until the economic situation improved — the brackets would remain the same each year, meaning that as wages rose, the government would collect more in income tax.'