The move would see the province’s second-lowest tax bracket decreased by 20 per cent, which the party said will save individual taxpayers as much as $786 per year.
Ford made the announcement at a campaign appearance in Mississauga, calling the plan “affordable and responsible.”
For the provincial portion of their taxes, Ontarians pay 5.05 per cent on the first $42,960 they earn. On the next $42,963, they pay 9.15 per cent. A decrease of 20 per cent would move that rate down 1.83 percentage points, to 7.67 per cent.
When asked by reporters, Ford said the plan would cost provincial coffers $2.3 billion, and would be implemented in the third and fourth year of his mandate, if elected.
“We have a very simple theory, put money back into the taxpayers’ pocket instead of the government, because we believe that the taxpayers are a lot smarter in spending their money than any government,” he said.
PC candidate Vic Fedeli said the party would address the shortfall by finding efficiencies without cutting jobs.