Canadian News May 22, 2020 3:49 PM EST

Trudeau will not raise taxes despite record-breaking deficit

In another display of Trudeaunomics, Finance Minister Bill Morneau has promised that he will not increase taxes.

Trudeau will not raise taxes despite record-breaking deficit
Nico Johnson Montreal, QC
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This article was published more than 1 year ago, information might not be accurate.


In another display of Trudeaunomics, Finance Minister Bill Morneau has promised that he will not increase taxes to pay for the most significant deficit in Canada's history.

Despite the dramatic effects of the lockdown on Canada's economy, the Trudeau government hasn't said when they will submit a financial report to parliament. As a result of this, the trauma inflicted upon Canada's economy is still relatively unknown, according to Blacklock's Reporter.

"We have no plan to raise taxes," said Morneau on Tuesday in the House of Commons.

The deficit was estimated to stand at $252.1 billion on April 30 by the Parliamentary Budget Office. It is unclear how much that figure has grown since then.

Speaking in the House of Commons, Conservative MP Bob Benzen said that "This Liberal government is spending enormous amounts of money every day and borrowing hundreds of billions of dollars to do it."

So far, the Trudeau government has not offered any plan to pull Canada out of its crippling debt. With the increasing household debt, alongside the unsustainable government spending, Morneau will have to offer a thorough economic plan.

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