Details of The Budget
The budget was the eighth balanced budget in a row presented by the Liberal government. It contained minor tax cuts for both businesses and individuals over a five-year period. These cuts, however, were mostly scheduled to begin in the latter years of the five-year period, which meant that the majority of them were unlikely to occur before the next election was held.
The personal income tax cut raises the basic personal exemption to $10,000 from its former level of just over $8,000 over the five-year period. This was projected to result in an average tax savings of $16 for each Canadian in 2006, with the final total reaching $192 at the end of the five-year period. The basic personal exemption is indexed to inflation, so it would likely have risen to roughly $9,000 over the five-year period without the changes.
The budget also contained $12.7 billion for the Department of National Defence over the following five years. However, not all of this money was new funding and, as with most of the budget, it was back-loaded. The total new funding for 2006 was to be $500 million.
Start-up money was provided for Canada's efforts to comply with the Kyoto Accord and for a national child care program. Additional funding was provided for cities, health care, and foreign aid. Some cuts were made. The Air Travel Complaints Commissioner was abolished, and foreign aid to Thailand, Malaysia, and all countries now in the European Union was ended. In total, $11 billion in savings are expected.
Read more about this topic: 2005 Canadian Federal Budget
Famous quotes containing the words details of the, details of, details and/or budget:
“Patience is a most necessary qualification for business; many a man would rather you heard his story than granted his request. One must seem to hear the unreasonable demands of the petulant, unmoved, and the tedious details of the dull, untired. That is the least price that a man must pay for a high station.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)
“Anyone can see that to write Uncle Tom’s Cabin on the knee in the kitchen, with constant calls to cooking and other details of housework to punctuate the paragraphs, was a more difficult achievement than to write it at leisure in a quiet room.”
—Anna Garlin Spencer (1851–1931)
“Anyone can see that to write Uncle Tom’s Cabin on the knee in the kitchen, with constant calls to cooking and other details of housework to punctuate the paragraphs, was a more difficult achievement than to write it at leisure in a quiet room.”
—Anna Garlin Spencer (1851–1931)
“The United States is the only great nation whose government is operated without a budget. The fact is to be the more striking when it is considered that budgets and budget procedures are the outgrowth of democratic doctrines and have an important part in developing the modern constitutional rights.... The constitutional purpose of a budget is to make government responsive to public opinion and responsible for its acts.”
—William Howard Taft (1857–1930)