Liberal Leader Stéphane Dion has revealed details of his party's carbon tax plan, promising that the federal auditor general will examine the books each year to ensure the program remains revenue neutral.
If Dion's party wins power in the next election, the Liberals would deliver an estimated $15 billion in broad-based income tax cuts to Canadians facing higher energy and goods prices as a result of new taxes on Canadian industries that produce high carbon emissions.
The Liberal plan, called the Green Shift, would initially peg the price of producing greenhouse gas emissions at $10 per tonne, rising to $40 per tonne in the fourth year.
At that point, the tax collected from industries would be boosting federal revenues by about $15 billion annually.
Dion says the tax hike would be offset by income-tax cuts. He says the plan is an attempt to reduce the use of fossil fuels by Canadian industries and homeowners.
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If Dion's party wins power in the next election, the Liberals would deliver an estimated $15 billion in broad-based income tax cuts to Canadians facing higher energy and goods prices as a result of new taxes on Canadian industries that produce high carbon emissions.
The Liberal plan, called the Green Shift, would initially peg the price of producing greenhouse gas emissions at $10 per tonne, rising to $40 per tonne in the fourth year.
At that point, the tax collected from industries would be boosting federal revenues by about $15 billion annually.
Dion says the tax hike would be offset by income-tax cuts. He says the plan is an attempt to reduce the use of fossil fuels by Canadian industries and homeowners.
FULL STORY
Is a combination of tax cuts and higher prices enough to change your behaviour?
More...
