Floyd Roland

Thank you, Madam Chair. Yes, with two percent, based on our estimates we would raise $8 million on an annual basis. Thank you.

Thank you, Mr. Chairman. We are estimating for 2004-05, $7.694 million.

Thank you, Mr. Chairman. Mr. Chairman, the Member is correct to an extent on the impact of the tax initiatives that have come before this Assembly, this being the second of three tax measures we, as a government, have identified in my budget address as well as in our revenue picture that we put forward to the committee. The payroll tax, which just got first reading today, does change more, depending on your income. Again, it would be using a certain amount of income and we could come up with examples. The way the tax is calculated, it’s a progressive system. Each bracket is taxed at a...

Thank you, Madam Chair. I'll have Ms. Melhorn give you that detail.

Thank you, Mr. Chairman. The Member is correct that with the settlement of negotiations and if an agreement is gained from all parties, the final figure would have to come forward through a supp. Right now the existing dollars we have identified are on the existing rates. So we would have to come forward with a supp to identify that. Thank you.

Thank you, Mr. Chairman. Mr. Chairman, I respect the Members and their opinions as we come to this table and discuss the initiatives of government and what we need to do or should do. Again, it was not our intention as we took office to look at trying to make it a more difficult place to live, but again as elected Members and as a direction we set for the 15th Assembly with our fiscal targets, Cabinet has gotten down to work and come up with what we feel are some of the better options than were out there for the time frame. Again, I would encourage Members to encourage us to look in the...

Thank you, Madam Chair. The Member is right; this increase is for the large corporate taxpayer. The small corporate tax rate is unchanged, at four percent. That includes companies that have a taxable income of $250,000 for the year 2004-05. That rate is actually moving up to $300,000 in 2005-06. Thank you.

Thank you, Mr. Chairman. The Member is correct; I would not be able to give any details beyond what I have given now because the matter is still before the courts. Thank you.

Thank you, Mr. Chairman. Mr. Chairman, the philosophy of the 15th Assembly is different from previous assemblies, and that's something I think we need to recognize. As a new government we sat down as new Members, some returning, some more experienced, some with new ideas, and decided that we would set a fiscal course early on. Now we've taken that direction, myself as Finance Minister and my Cabinet colleagues, and looked at the alternatives we have before us in trying to meet that target. It's not an easy process. We know that taxes are something that is not an option that's looked upon...

Thank you, Madam Chair. Yes, I would.