On February 24, 1998, Finance Minster Paul Martin And The Federal Government Bro

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Term Paper Title	On February 24, 1998, Finance Minster Paul Martin And The Federal Government Bro
# of Words	1175
# of Pages (250 words per page double spaced)	4.7

On February 24, 1998, Finance Minster Paul Martin and the federal government brought down their fifth budget announcing a balanced budget for the 1998/1999 fiscal year. This is the first non-deficit budget since 1969/1970. A year ago the government projected a deficit of $17 billion. This proved too conservative and it appears the current fiscal period will end with no deficit. Total public debt stands at $583.2 billion or approximately $19,500 for each Canadian.
The budget projects revenue of $151.0 billion for 1998/1999. Program spending is set at $104.5 billion resulting in an operating surplus of $46.5 billion. $43.5 billion of this surplus will be used to cover interest charges on the public debt. There is a remaining $3 billion that the government has called a Contingency Reserve - what accountants call a cushion. This reserve will go towards the public debt if it is not required for emergency spending.
Now that the federal deficit has been eliminated, the government is charting a course of modest spending increases, modest tax reductions for low and middle income individuals and slim debt reduction. Their strategy is developed for maximum political gain.
While unemployment levels continue to remain high, the government had this to say about the economy:
"Consumer confidence has rebounded. The economic recovery is now supported by strong domestic demand. Business confidence has hit record levels. Investment is surging. Stimulated by lower interest rates and renewed confidence, economic growth reached a level in excess of 3.5 per cent last year. This year, continued strength is projected. This would mean the best back-to-back economic performance for Canada in over 10 years, the strongest performance of any Group of Seven (G-7) nation."
Notwithstanding economic turmoil in certain Asian countries ("Asian Flu"), the Canadian economy should continue to grow stronger in 1998 and 1999.
PERSONAL INCOME TAX
Basic Individual Surtax: The current Income Tax Act provides for 3% surtax on a taxpayer's basic federal tax. Each person is allowed a basic personal tax credit of $6,456. This means there is no basic federal tax on income below this level. Once your income exceeds this level both the basic federal tax rate (17%, 26% and 29%) and the surtax apply. (Note: surtax is a tax on a tax.)
The budget provides for a reduction in the surtax for low and middle-income individuals. For those individuals with income below $46,517, the surtax will be eliminated ...

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