The Liberals will count on the fight against tax havens to limit the deficit if they are elected. By raising $3.3 billion over five years in the Cayman Islands and elsewhere, they believe they can limit this deficit to $2.7 billion in the first year.
The Liberal Party of Quebec (PLQ) is the first party to present its financial framework. An exercise written under the sign of caution, insisted one of its architects, the former Minister of Finance Carlos Leitao who leads the Liberal campaign.
“The situation is not as positive as some parties suggest,” the party said in a statement.
Over five years, the PLQ intends to draw $1.2 billion from individual tax havens and nearly double that from corporate tax havens. To increase his income, he is also counting on a new tax on the “super rich” which should bring him $350 million a year from 2023-2024. The intensification of the fight against undeclared work would also make it possible to generate the same amount each year.
The Liberals need additional sources of revenue to compensate for the tax cuts and the many personal aids they have presented this week. The tax cuts alone will cost the state $2.4 billion a year.
More details will follow.
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