Atlantic Canada competes with New England for business, which is influenced by tax rates.
Let’s look at the differences. Vermont prides itself on social programs like we do, but taxes much less. Its low-income earners pay just 3.6 percent on taxable income, compared with our best rate in Newfoundland, over twice as much. For high-income earners, who can invest more, Vermont taxes at 9 percent, compared with Nova Scotia at 21 percent. For large businesses with greater employment prospects, New England also fares better.
We almost all have friends or family members who have moved for work. High taxes drive people, jobs, and investors away from our region. We must consider lowering them.