The NDP says it will reallocate money, raise taxes, and run deficits for three years.
That's the gist of the party's fiscal plan laid out today.
Finance critic Bruce Ralston says the carbon tax would be expanded to cover venting from the oil and gas sector.
The corporate tax rate would climb one point to 12 percent in October, raising 200 million dollars, and a corporate capital tax would be re-instated on financial institutions.
"Three percent for banks, and one percent for financial institutions with their head offices in BC including credit unions....smaller credit unions those with capital of less than 20 million, and there are 27 of the 44 credit unions within British Columbia would fall below the line of exemption, they will not pay this tax."
As well the NDP would hike income taxes for people earning more than 150-thousand dollars a year....and kill the liberal's planned 12-hundred dollar R-E-S-P program for children. Ralston says the changes would generate 311 million dollars for new spending this year.
Details on how that money would be spent will come during the election campaign
John Winter with the BC Chamber of Commerce says what he heard from the NDP today could be his worst fears realized. He one of his main concerns is the effect increasing the carbon tax will have on BC.
"We'll be driving business away - investment away. The whole idea behind the tax structure that's been put in place is to attract investment and we don't see this is as being particularly attractive
Winter says an income tax increase for high earners will also discourage businesses, particularly head offices that would bring jobs to the province, from setting up shop here.
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