Report C: THREE-YEAR ECONOMIC PLAN UPDATE

TABLE C2
TAX CUTS AND RATE FREEZES INTRODUCED SINCE 1995
TYPICAL SAVINGS FOR BRITISH COLUMBIA FAMILIES

Single Parent with
two young children
$30,000 family income

Two Parent family
with two children*
$55,000 family income

Full year savings

Full year savings
Income tax cuts $     $    
Basic rate reductions 74 190
Reductions due to federal increases to the basic personal amount 114 114
Reductions due to federal enhancements to tuition and education credits — 216
Family Bonus 904 —
Rate freezes
ICBC rate freeze 70 70
BC Hydro rate freeze 20 20
University/College tuition freeze — 552
Total savings 1,182 1,162
 
* Both children attending university.

 

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