The New Democratic Party would halt all planned tax cuts in an effort to avoid future cuts to social services.
NDP Leader Roger Duguay announced the party's tax plan on Monday.
The province's two major parties have spent recent days arguing over the future of the Liberal government's planned tax cuts.
"[PC Leader] David Alward and [Liberal Leader] Shawn Graham are not being honest with the people of New Brunswick that their tax cuts will mean huge cuts to front-line services like health and education," Duguay said in a statement.
"Their tax cuts, combined with all the irresponsible spending promises they are making in this election campaign, are driving New Brunswick over the debt cliff."
The Liberals have promised to reduce the corporate tax rate to eight per cent by 2012 from the existing rate of 11 per cent. The Tories have promised to stall the corporate tax cut at 10 per cent.
The PCs have also vowed to stop the tax cut planned on the highest income group. But Alward said he would continue the Liberal government's tax cuts on the other income brackets.
The NDP allege the Liberal tax plan would add $236 million to the deficit by 2013 and the Tory agenda would add $200 million to the deficit.
Tony Myatt, a university economist and the NDP's candidate in the Fredericton-Silverwood riding, said the tax cuts are "reckless."
"Both the Conservatives and the Liberals are claiming they will balance the budget based on growth projections that are pure fantasy," Myatt said in a statement.
The reality is that adding hundreds of millions to the deficit through tax cuts will inevitably lead to massive cuts that will endanger necessary services to middle-class families."
Green Party tax plan
New Brunswick's Green party is accusing the Tories of stealing their tax proposals.
"Mr. Alward was obviously coming up short on his fiscal policy so he borrowed from the Greens," Green Party Leader Jack MacDougall said on the weekend.
"It shows the major parties are listening. We welcome that."
MacDougall said he has consistently said the corporate and personal income tax plan passed by the Liberals is too costly.