New tax bracket proposed for Manitobans with higher incomes
WINNIPEG — The Manitoba government is proposing a new tax bracket that would affect people whose annual income is higher than $170, 000.
The proposal was part of a non-binding fiscal update that was tabled at the Legislative Building on Tuesday afternoon.
Those making $170,000 per year or more would have their provincial tax rate hiked to 20.9 per cent.
Previously, the highest tax bracket was 17.4 per cent, which was applied to anyone making more than $67,001.
The province estimates the proposed change would bring in an extra $13.1 million per year.
It is also proposing small breaks for low-income families. Under their plan a family of four earning $60,000 would save about $260 per year.
The promises were made in a fiscal update that also showed the province is deeper in debt.
The deficit jumping from $421 million to $646 million.
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