Conservative platform banks on projected revenues to offset $90B in new measures

Conservative Leader Pierre Poilievre has unveiled an ambitious election platform that promises $90 billion in new measures over the next four years. These measures will be paid for in part by cuts and the economic growth that the party believes these policies will generate. Poilievre stated during a campaign stop in Woodbridge, Ont., “Our platform is a plan that will lower taxes and debt by getting rid of bureaucracy, consulting fees, waste, and excessive foreign aid to dictators, terrorists, and global bureaucracy.”

The Conservative platform takes a unique approach by accounting for the economic growth of policies that have not yet been implemented. This includes projecting $53.3 billion in tax revenue over the next four years from new policies. Additionally, the platform anticipates $77.7 billion in savings from cancelling programs, finding efficiencies, and streamlining the public service. These savings also include $2.4 billion from lower interest payments on the federal debt.

Despite the projected savings and new revenues, the Conservative platform forecasts a deficit of $100 billion over the next four years, starting with a deficit of $31.4 billion in 2025-26. The platform also includes $20 billion in tariff revenue for 2025-26, but no revenue from tariffs after that year.

The platform outlines several spending changes over four years, including cuts to foreign aid, defunding the CBC and other Crown corporations, streamlining the public service, reducing funding for artificial intelligence initiatives, and cutting red tape. However, the platform assures that key social programs will not be impacted.

Liberal Leader Mark Carney criticized Poilievre’s costed platform, calling the projected revenues “phantom numbers.” Carney emphasized the importance of not making assumptions about future economic growth when planning government finances.

The Conservative platform makes several assumptions about the impact of their policies, including boosting government revenues by repealing the capital gains tax increase, clean fuel regulations, the industrial carbon tax, and the oil and gas emissions cap. The platform also pledges to introduce a Taxpayer Protection Act that would require a referendum before introducing new taxes or raising existing ones.

One of the key promises in the Conservative platform is a cut to the lowest marginal tax rate from 15% to 12.75%. This tax cut is expected to cost the treasury $14 billion and will be phased in gradually over five years.

Overall, the Conservative platform presents a bold vision for economic growth and fiscal responsibility. While critics have raised concerns about the projected revenues and deficit, the party remains confident in their plan to lower taxes, reduce debt, and stimulate economic growth.