The budget anticipates a deficit of $729 million for 2025-26 and projects deficits of $688 million for 2026-27 and $1.1 billion for 2027-28. The budget reduces the small business income tax rate to 2.0% (from 2.5%) for 2026, 1.5% for 2027, and 1.0% for 2028. The budget also increases the Basic Personal Amount to $15,000, among other changes.
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