Shadow Budget 2022
The Alberta Party is proud to present its 8th annual Shadow Budget. “A Path Forward” deals with the debt and deficits created over the past several years and proposes a bold plan that will set Alberta on a path to financial security.
“We are witnessing an increase in oil prices that has improved the finances of the government, but this is just another round of Alberta’s boom and bust cycle”, says Alberta Party Leader Barry Morishita. “I am proud that the Alberta Party continues to propose fiscally responsible ideas that prioritize both planning for the future and community-oriented service delivery, instead of short-term gains and government centralization.”
“A Path Forward” is of a different format than typical shadow budgets, but notes that the government cannot take credit for what the market is doing to oil and gas prices. With higher-than-expected revenues, the Alberta Party would make wise contributions to both debt repayment and the Heritage Savings Trust Fund, which has not seen regular contributions in decades.
The Alberta Party would also increase the income tax deduction limit for small businesses and maintain corporate tax levels where they currently stand. With revenue clearly remaining a problem for the government, the Alberta Party proposes a review of tax structures that includes decreasing personal income taxes and the introduction of a harmonized sales tax once the province has recovered from the economic impacts of the COVID-19 pandemic. Additionally, a made-in-Alberta carbon tax would keep funds in the province instead of being sent to Ottawa, and revenues would be used on initiatives that reduce carbon emissions so that Alberta can remain a global energy leader.
“Alberta needs a serious review of how we treat taxation in order to get to a place of stability and fiscal discipline”, stated Mark Nikota, the Party’s Shadow Minister of Treasury Board and Finance. “This Shadow Budget reflects innovative conversations that are happening, and strong leadership is required to get the province on the right course.”
The Alberta Party is grateful to the many volunteers who invested time into the creation of this Shadow Budget.
View our previous Shadow Budgets here