CPC leadership candidate Michael Chong pitches tax overhaul based on carbon tax
OTTAWA — Federal Conservative leadership candidate Michael Chong is proposing a dramatic overhaul of the tax system based on new revenues from taxing carbon.
Chong says his plan would cut overall federal income taxes by 10 per cent and corporate taxes by five per cent — while imposing an escalating tax on carbon emissions that would rise to $130 a tonne by 2030.
“We have a once-in-a-lifetime opportunity to both lower income taxes and clean up our environment through the pricing of carbon,” Chong said Wednesday at a news conference on Parliament Hill.
Chong, one of 10 confirmed entrants in the Conservative race, says Canada already has a working model of a truly revenue-neutral carbon tax in British Columbia.