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EDMONTON — Albertans are about to face the largest spate of tax hikes in a generation.

Higher income tax, a health levy, and increased taxes on alcohol, tobacco and gasoline — the latter items set to become more expensive at 12:01 Friday morning — have all been written into Alberta’s fiscal plan this year as the province struggles to whittle away a $5 billion operating deficit and ballooning multi-billion dollar debt.

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Facing an estimated $7 billion shortfall in revenues between this fiscal year and last, the province is abandoning the 10 per cent flat tax implemented by late premier Ralph Klein in 2001 and long touted as the centrepiece of the “Alberta Advantage.”

“It’s going to feel like we’re in a recession, but we’re not in a recession,” said finance minister Robin Campbell as his government tabled its budget on Thursday.

This has been one of the hardest budgets to develop in many years

“This has been one of the hardest budgets to develop in many years. It required tough decisions, and was not a reality we were expecting as recently as last fall.”