Speaking ahead of Tuesday's federal budget, Canadian Finance Minister, John Manley warned that additional personal income tax cuts are not on the agenda this year.
In a radio interview with CBC Radio, Mr Manley revealed that although the government is set to run a surplus of around $18 billion for this fiscal year and the next, social and environmental programs such as increased health care funding, assistance for low income families, and extra investment in research and development are likely to swallow up a substantial portion of that amount.
'Clearly meeting the priorities out there is not leaving a lot of room for tax cuts,' the Finance Minister announced on Thursday, although he also explained that new tax reductions do not appear to be a priority with the country's taxpayers, given that there are still $34 billion in personal income tax cuts from the federal government's 2000 tax reduction program to be phased in over the coming two years.
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