Budget pain for Newfoundland & Labrador

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The 2015 budget will not be a pleasant one for most in Newfoundland & Labrador. The finance minister Ross Wiseman announced a list of fee and tax hikes, infrastructure delays and a $1.1 billion deficit as the oil price hits the provinces revenues. Despite the austerity Mr Wiseman said it was not a recession and that the province would bounce back by 2019. Among the changes; harmonized sales tax will rise from 13 to 15 per cent; income over $125,000 will be taxed in one of two new brackets; and fees including motor registration, swimming lessons and permits will increase.

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