... Justin Trudop's tax law changes will NOT affect me, nor my business, in the least.
Just thought I'd throw this out there!
Quote from: "Angry White Male"
Just thought I'd throw this out there!
They will my dentist.
Remember all that BS about fighting for the middle class in the last election? Higher payroll taxes, C02 levies, massive deficits with no end in sight and now sticking it to plumbers and doctors.
He still has nice hair though.
Quote
In the last federal election, Liberal Leader Justin Trudeau talked about how entrepreneurs are the engine of our economy. His party's "Growth for the Middle Class" platform had at its core a reduction in the small biz tax rate from 11 per cent to nine.
The platform made clear entrepreneurs were a key part of the middle-class.
One morning, about two months before election day in 2015, though, reporters asked Trudeau for his definition of middle-class. He couldn't come up with one.
"I'm going to let economists ... argue over which quintile or decile the middle class begins or ends in," Trudeau chuckled dismissively.
But it was always going to be a problem for Trudeau and his party to promise the moon to the middle-class without a definition of who was middle-class.
On the spending side, creating such ill-defined expectations amounts to writing a blank cheque.
On the tax side, we are currently seeing precisely the problem with Trudeau's lack of an understanding of who is middle-class.
Now that the Liberals are going to be running $30-billion deficits in perpetuity (rather than just the three $10-billion deficits they campaigned on, followed by a balanced budget) they desperately need more money.
All of a sudden, the Trudeau Liberals' strategy is to smear millions of middle-class business people as "rich" tax dodgers, so they can smash tax incentives that middle-class entrepreneurs have relied on for decades to fund their retirements, retain cash in their companies to tide them over in lean times, provide for their families and protect their businesses if they get pregnant or sick.
Recently, the Liberals have responded to the backlash their proposals have set off by saying they are only seeking tax "fairness." They think it's "unfair" that small businesspeople should have more loopholes than people who work for salaries or wages to reduce their tax rate.
But consider just this one example.
Small business people don't have comfortable pensions like public-sector workers do. And they often don't have as much RSP room as salaried employees. So they tend to use these "loopholes" (if they can be called that) to save up money for their retirements.
But this money is taxed when it is put through the loopholes and it is taxed again when it is taken out, unlike contributions to RSPs and retirement plans that are tax exempted until retirement.
John Szaszkiewicz, a prominent Edmonton small business accountant, estimates the full effect of the Liberals' proposed small-business tax changes could be "a 73 per cent effective tax rate on investment income ... and a hit of close to 40 per cent in after-tax retirement income for small business owners."
How is that fair? Or helpful to the middle-class?
There was once a time when we understood the core function private businesses played in our economy – generating money, creating jobs, funding the public sector.
But now that so many people work for wages, especially in the public sector (governments, school boards, hospitals, universities, Crown corporations), it is just assumed unlimited amounts of money originate in the public treasury.
Because of that, there is little respect for small business owners, for the risks they take and for their central role in the economy. Hence, the assumption they are all tax cheats plays well with a lot of ill-informed, envy-driven voters.
http://www.edmontonsun.com/2017/09/05/tax-fairness-the-liberal-small-biz-tax-changes-are-the-total-opposite
True Dope is facing a revolt within his own caucus over this latest confiscation.
I couldn't imagine Trump or the US congress doing this.
Quote
The "middle class" this; the "middle class" that.
He, like no prime minister before him, was going to help the middle class grow and prosper, and he sold it better than any snake-oil salesman and pill pusher anyone could ever envision.
It is his biggest political lie thus far, and the most flagrant of his multitude of broken promises in the two years since being elected.
He just doesn't get it.
Even as he faces the biggest backlash since being elected over his plan to essentially tax small business out of business, with his own MPs giving him grief and expressing re-election angst at their caucus meeting in Kelowna, he is blind to the most obvious fact of all.
Small business is the middle class. And, while Trudeau would like to put reality to the illusion that too many of them are rich and playing tax loopholes to get richer, it's still an illusion.
When doctors are pulling up stakes in small town Canada because of increased costs, static fee structures and therefore the inability to make ends meet in rural communities, then they should not be on a prime minister's target list.
Yet
Success is something to be rewarded, but success in the eyes of the Trudeau Liberals is just an opportunity to conjure a new tax and get some new money.
And God knows the Liberals need new money, because they have been spending it like it grows on trees, and saddling us with a debt and deficit that will not see a balanced budget until most of us are dead.
Small business — defined by the Canada Revenue Agency (CRA) as having fewer than 100 employees (meaning it could be two, or three, and this is often the case) — represent nearly 70% of Canada's private labour force.
One third of all self-employed Canadians are women, a number that is now pushing a million, and yet our feminist prime minister has these risk takers in his sights as among the greedy and the tax-dodging.
How does he reconcile that?
Small business does not have taxpayer-funded pension plans. Most have no pension plans at all, other than working to their graves in order to keep paying the bills and their ever-increasing taxes.
According to the CRA, there are 1.1 million employer businesses in Canada. Of that number, 98% are small business.
And Trudeau/Morneau wonder why they are now getting grief over their plans to tax them even more?
Trudeau and Morneau say it's all about creating a "level playing field."
That doesn't sound progressive. That doesn't sound like rewarding the financial and personal risks taken by small business to make it in an increasingly tough world.
That sounds, instead, like 19th-century socialism.
http://www.edmontonsun.com/2017/09/06/trudeaus-middle-class-mantra-shows-he-doesnt-get-it
We know a family owned contracting business and they are very concerned about this..
Will there even be a middle class left after two terms of Trudeau.
I'll be clear... I do not like Trudope, and I did not vote for him.
However, as a small business owner, I know the implications of these tax changes.
And when I say that they won't really affect me, it should be a clear message that the abuse has gone on for long enough, with other businesses...
Mainly Doctor's and Dentists, but others also... I can get into WHY they are so pissed off, but I can also explain to you why my business does NOT see any changes with these rules...
Doctors and Dentists negotiated a TOTALLY biased and unfair deal (compared to the rest of us business owners) with the Federal government, giving them HUGE advantages over any other business owner.
In fact, many Doctors aren't even small business owners, in the true sense of the term... They are employees moonlighting.
THAT is why they are whining... They are now simply being brought inline with the rest of us business owners.
I can clarify more in depth, but that may be boring.
It's not only doctors and dentists that used them..
Farmers, contractors, and we know a distributor for a snack food company that did too..
The federal government is punishing middle class Canadians because they can't live within their means.
It's a stupid, job killing cash grab. Combine this with rising interest rates on a country with one of the highest consumer debt rates, over reliance on rising house prices, a looming carbon tax, a lack of will to get pipelines to tide water in the ground and massive deficits does not bode well for the future.
Quote from: "seoulbro"
Yeah I don't see how this is going to work out well in the end.
Quote from: "seoulbro"
It only affects small business owners that incorporate, isn't that right?
I was surprised how many small business do that.
Yes, it only potentially affects incorporated businesses, as mine is.
HOWEVER! It does NOT affect my business at all.
Ask me why...
It doesn't seem like any of you really know much about incorporated businesses, and what they can pull...
Quote from: "RW"
You have no clue what you're talking about, and probably don't even know what the changes are.
The changes will NOT affect most legitimate businesses at ALL.
My business is not affected AT ALL!
Ask me why...
Quote from: "Fashionista"
Quote from: "seoulbro"
It only affects small business owners that incorporate, isn't that right?
I was surprised how many small business do that.
Yes, it's not uncommon. A couple of the changes are fairly significant too.
Quote
Ask me why...
Nobody is interested.
You people don't even know what the changes are, yet disregard my posts.
Eat my shit!
Signed, small business owner that knows more than you.
There are three changes.
They are very simple.
They are being abused.
These three changes are simple.
I could attempt to explain them, but most posters here are too dumb to read and comprehend, so I will not bother.
Quote from: "Angry White Male"
Eat my shit!
Signed, small business owner that knows more than you.
Fuck you, you crybaby attention seeking effeminate douche. Nobody gives a shit about your dirt moving enterprise.
I see attempting to discuss the changes in this forum was a bad idea, since the posters here don't actually know what the changes are...
The masses always eat up the dirt, so to speak... There is money in dirt! Just ask me how I know...
Quote from: "Angry White Male"
What part of nobody wants to talk about you with you does not get through your beer soaked white pea-sized fucking brain.
Quote from: "Shen Li"
Then stay the fuck outta my tax thread, bitch, unless you wanna speak taxes!
You think you're smart? Then you should be smart enough to understand that!
Quote from: "Fashionista"
Quote from: "seoulbro"
It only affects small business owners that incorporate, isn't that right?
I was surprised how many small business do that.
That is correct.
I'm not a huge follower of Canadian news.
Exactly what corporate rate are they planning for small business?
And what specifically is going on in this whole regard of corp tax & owner personal tax. Corp tax is currently 15 in BC
and what stages is it all at?
This is what the federal government has in mind cc.
Some business owners sprinkle income to family members by way of salary or wages, or dividends, to reduce the family's overall tax burden. There are already rules in place to prevent unreasonable salary or wages from being paid to family members who are not truly earning the compensation they receive. There are even "kiddie tax" rules to prevent dividends paid to minor children from being taxed at their lower rates.
So, what's changing? The government wants to now restrict the ability to pay salary or wages, or dividends, to adult children between the ages of 18 and 24, by extending the "kiddie tax" rules – formally called the "tax on split income" (TOSI) – to them. The proposals will apply a "reasonableness test" that will assess the adult child's contributions to the business (both labour and capital) in determining whether amounts paid to that child should be taxed at his or her normal tax rates, or at the highest tax rate possible.
In the past, families have also taken advantage of the lifetime capital gains exemption (LCGE), which shelters from tax up to $835,716, in 2017, of capital gains on qualifying small-business corporation shares). Good tax planning has seen the LCGE of each family member used to shelter gains on the family business. The government has proposed to restrict this. Starting after 2017, capital gains realized by a family member can no longer be sheltered with the LCGE to the extent those gains accrued while the individual was a minor. Further, any capital gains accrued while the shares are held in a family trust, or gains subject to the TOSI would not be eligible for shelter using the LCGE.
Finally, in the past, the TOSI (which you'll recall is a special tax, at the highest rate going, that applies to certain income reported in the hands of children) has not applied to second generation income – that is, income on income. So, if a corporation paid, say $100 in dividends to a child, and the child paid the highest rate of tax (the TOSI) of, say, $40, there would be $60 left after taxes. That $60 could be invested and any income in the future on that $60 (income on the income) would not be subject to the high rate of tax (the TOSI). This will change if the new proposals are enacted. All future income (income on any income) will be subject to the same high rate tax (the TOSI). Confused yet?
Passive income
When a corporation generates income, it's eligible for a pretty attractive rate of tax (about 15 per cent, but it varies by province) on the first $500,000 (federally) of active business income. If a business owner doesn't need all of his earnings to support his lifestyle, it's common to leave the rest in the corporation to invest – perhaps in a portfolio earning passive income. For example, if you earn $100 in active business income and pay $15 of that to the taxman, you'd have $85 left to invest in the corporation. If you had earned that business income personally, and you're in the highest tax bracket (a marginal tax rate of about 50 per cent), you'd be left with just $50 to invest. So, there's an advantage to earning business income in a corporation if you earn enough that you won't spend it all.
The government thinks this is unfair, notwithstanding that you'll actually pay more tax over all if you invest inside the corporation and then eventually pay that income out to yourself as dividends later. That's right, corporate tax rates on passive income are high even under today's rules – don't let the government tell you otherwise. So, the only meaningful benefit is the larger amount to invest up front as noted in my example above. It appears that the government believes that having more money working for you today, if you have a corporation, is offensive (so much for helping Canadians save for the future).
The government is exploring how to limit the perceived benefit of leaving excess earnings inside a corporation to grow in a passive portfolio. Mr. Morneau is looking for comments from Canadians on a couple of primary options: (1) implementing a refundable tax that would apply to ineligible investments (the tax would be refunded once the capital is either paid out to you as taxable dividends personally, or is used in the active business), or (2) change the current refundable tax system on annual passive income so that the tax is no longer refundable if the investments were made with excess business income taxed at low rates. How does all of this simplify our tax system?
Converting income to capital gains
Some corporate owners have taken steps to convert what would otherwise be taxed as salary or dividends into capital gains. This has been done using a complex set of steps involving selling of some shares to another company related to the shareholder. The government proposes to close these opportunities by tweaking section 84.1 of our tax law, which was intended to prevent this type of planning but doesn't quite do the trick. On this one, I think the changes make sense.
If you're so inclined, read over the 63-page consultation paper that outlines these proposed changes (available on the Department of Finance website). In my view, what you'll find are a lot of changes that will do nothing but make our convoluted tax law even more complex.
https://beta.theglobeandmail.com/globe-investor/personal-finance/taxes/proposed-tax-changes-will-shake-the-small-business-world/article35754872/?ref=http://www.theglobeandmail.com&
Thank Fash. You are correct - it is being made more and more complex
In another but related area, I wonder if Seoul knows status / plans re: the once in a lifetime tax exemption on 750,000 (may be a bit higher now) max for sale of a Canadian business??
There was talk pre-election that he wanted to change this
There was talk pre-election that he wanted to change TFSA's
Quote from: "cc"
In another but related area, I wonder if Seoul knows status / plans re: the once in a lifetime tax exemption on 750,000 (may be a bit higher now) max for sale of a Canadian business??
There was talk pre-election that he wanted to change this
There was talk pre-election that he wanted to change TFSA's
Do you mean the lifetime capital gains exemption(LCGE)?
The Liberal government lowered the contribution limit to TFSA's from $10,000 to $5,500 two years ago.
It may come under that act .. amount is similar ... but I'm referring directly to the proceeds of sale of a Canadian developed company
On TFSA, I think you mean the Conservative govt ... I believe the 10,000 was a one year only thing .. but still applies to total
Quote from: "cc"
On TFSA, I think you mean the Conservative govt ... I believe the 10,000 was a one year only thing .. but still applies to total
Yes, the Conservatives raised the maximum contribution to $10,000 their last year in office and the Liberals lowered it to $5,500..
Unused contribution room rolls over each year and there is still no lifetime cap on contributions..
I believe the proceeds of a sale of a Canadian corporation are covered under the LCGE that is likely to be changed.
A qualified small business corporation(QSBC) are eligible for the tax exemption that cc was talking about. It also applies to the sale of qualified farm and fishing property.
Thanks out to both of you.
Quote from: "cc"
I remember you said you and your husband are self employed. Are you thinking of selling?
Not thinking a lot about it, but it is always an option if opportunity knocks
Free of personal tax would make it a very attractive thing
Quote from: "cc"
Free of personal tax would make it a very attractive thing
Yes, it would.
This entire thread is filled with idiots.
NONE of you run a limited business here, and NONE of you even know what the changes are.
I was willing to explain the real changes, and who exactly they would effect...
Trying to talk business with bums and simpletons is a waste of time, and I should have known.
Quote from: "Angry White Male"
NONE of you run a limited business here, and NONE of you even know what the changes are.
I was willing to explain the real changes, and who exactly they would effect...
Trying to talk business with bums and simpletons is a waste of time, and I should have known.
We're more capable of googling the changes ourselves you alcoholic fool.
What is a FALSE small business owner as opposed to a TRUE small business owner?
Quote from: "kiebers"
Apparently one cries into his beer because nobody will talk to him.
This thread is a good example of why businessmen are NEVER to attempt to talk business with the floor crew...
Quote from: "Angry White Male"
You're not the only self employed person here..
Herman currently has two businesses including a farm and has sold others in the past.
You people are obviously mute to discussion.
When I say it DOES NOT affect my business, clearly I would expect some dialogue.
Sorry, Fash... I see NO dialogue. In fact, I doubt anyone else here actually runs a limited corp, other than I...
I should have known better.
I would like to see how many business licences the people here can post.
Mine is on my fridge, held on by magnets, since "I have to post it in a prominent place of business" or whatever...
Many people like to talk, but they are often quite full of bullshit.
Gordy is the only one, believe it or not, that I can guarantee runs his own business.
The rest here? Questionable if they've ever run anything more than a lemonade stand.
Shit, half the posters here don't even work.
THAT being said, another early morning start for me, so I've gotta go! Rest well!
Quote from: "Angry White Male"
Mine is on my fridge, held on by magnets, since "I have to post it in a prominent place of business" or whatever...
Many people like to talk, but they are often quite full of bullshit.
Oh geez Mel, my husband was an electrical contractor for a while..
You are not the only self employed person in this country..
But, if you want to keep pouting, nobody can stop you.
Quote from: "Angry White Male"
The rest here?
Shit, half the posters here don't even work.
THAT being said, another early morning start for me, so I've gotta go! Rest well!
Herman has two businesses and Shen Li was a self employed..
So, maybe they feel the same about you..
And my parents owned a Chinese bakery.
Stop it, Fash.
I don't give a fuck if your husband was an "independent contractor" nailing boards together.
THIS discussion is about Limited Liability Corporations.
Was he incorporated? No? Then IT DOES NOT AFFECT HIM.
Stupid fucking people trying to be smart, about shit they know nothing about.
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
I'm going to bed now... It gets dumb here at night, just as it does in the day.
Besides, I have work to do, building new condos for Chinks that are pouring in here faster than you could ever imagine!
Welcome to Hongcouver!
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Quote from: "kiebers"
Still confused......
It's easy.
A "TRUE" small business owner has ONE truck as total corporate assets and ONLY SELF as employee
A "FALSE" small business owner is anyone else
Quote from: "iron horse jockey"
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Seems to affect his brain...on top of the booze. Dirt is a big deal.
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Seems to affect his brain...on top of the booze. Dirt is a big deal.
Herman or AGW? They both drink too much. But, my question eas for Herman. He owns a farm and I heard they will be affected.
Quote from: "iron horse jockey"
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Seems to affect his brain...on top of the booze. Dirt is a big deal.
Herman or AGW? They both drink too much. But, my question eas for Herman. He owns a farm and I heard they will be affected.
Angry white moron. Altho I do hear farmers are going to get it up the ass. I personally feel they should leave farmers alone. Farming is not an easy job and the upkeep and standards are neverending...they keep harrassing them. Ive seen so many documentaties and know of some farmers who are constantly harrassed...these people grow food for you to eat...they are also taking a chance on their crops....leave them alone.
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Seems to affect his brain...on top of the booze. Dirt is a big deal.
Herman or AGW? They both drink too much. But, my question eas for Herman. He owns a farm and I heard they will be affected.
Angry white moron. Altho I do hear farmers are going to get it up the ass. I personally feel they should leave farmers alone. Farming is not an easy job and the upkeep and standards are neverending...they keep harrassing them. Ive seen so many documentaties and know of some farmers who are constantly harrassed...these people grow food for you to eat...they are also taking a chance on their crops....leave them alone.
I thought it was for AGW.
Quote from: "iron horse jockey"
Quote from: "Herman"
Quote from: "Angry White Male"
Quote from: "Fashionista"
I don't fucking care!
Unless you run a LIMITED LIABILITY CORPORATION right now in Canada, YOU ARE NOT AFFECTED AT ALL!
Do you fucking understand?
You stop it you whining little faggot I've owned corporations when you were being canned from every Sikh owned gravel hauling crap outifit on the West Coast. I grew up in an entrepreneurial farm family. My old man had an incorporated heavy equipment corp in addition to the farm. A one truck operation is nothing to be bragging about. Try running a real cprp with real assets and employees and then we'll see if you know what you're talking about. And of course you don't. Just, a crybaby little faggot and nothing more.
Do these changes.affect you?
Not my wellsite consulting business, but my farm yes.
Good article here by Lorne Gunter.
Quote
This was significant, I thought. Surely it was a sign the federal government was listening to all the complaints from small business owners who stand to see their personal taxes rise substantially if tax changes proposed by Finance Minister Bill Morneau this summer are implemented.
Easter is well regarded in the Liberal caucus, a former cabinet minister and, most significantly, the current chairman of the Commons standing committee on finance.
Easter's concerns might hint at some amendments coming. Otherwise, the proposals would make it much harder for small business owners to save for their retirements, fund expansion of their businesses, hire new employees, pay for maternity leaves, share their income with their children and pass on their businesses.
But anyone who took Easter's remarks as a ray of hope was wrong.
When Parliament reconvened on Monday, Morneau and Prime Minister Justin Trudeau were, if anything, even more determined to ram through their tax hikes, which seek to squeeze at least $3 billion more out of small business owners every year.
Their class-envy rhetoric – pitting middle-class Canadians against "the wealthy" – was doubled during the first question period of Parliament's fall sitting.
Trudeau insisted his government was only proposing the changes to ensure "the wealthy" – whom he seems to despise, but whom he steadfastly refuses to define – pay their 'fair share" of taxes. He insisted this was about social justice and ensuring "the wealthy" pay the same rate of income tax as everyone else.
But this is based on a misinformed and twisted view of the "rich." (And, undoubtedly, a Liberal desire to woo NDP voters for the 2019 election.)
The top 1% of income earners in Canada kicks in at about $212,000 and already pays nearly 22% of all income tax paid to federal and provincial governments. The top 10% kicks in at around $80,000 and (including the one per centers) pays nearly 55% of all income tax.
The bottom 50% of earners pay just 4% of all income tax collected by Ottawa and the provinces.
The idea that most, or even just many, of Canada's "wealthy" get away without paying any taxes because they can employ clever accountants and sneaky lawyers to cheat the system is quite simply an urban myth.
This week a loose group of activist and lefty doctors wrote a letter to Morneau supporting his tax proposals. They wanted the government to know that while thousands of doctors and the Canadian Medical Association oppose the changes, there are some doctors who like the idea of being charged more tax.
"We need adequate tax revenues to fund social programs ...," the letter states. "These programs directly impact the health of our patients, and we believe it is important for us to contribute to their sustainability through an adequate tax base."
The fallacy in that argument is that governments don't already have enough revenue, so taxes must rise.
But no major government in Canada has a revenue problem. Instead, they almost all have spending problems.
In just the last 10 years, personal income tax revenue for Ottawa alone has risen nearly 20 per cent. Even after adjusting for inflation and population growth, it has risen 9.4 per cent.
And now Morneau and Trudeau and the rebel docs want you to believe taxes have to go higher still. Not only that, they can go higher solely on the backs of the evil, mean, greedy "wealthy," while your taxes remain the same.
But the small business tax hike IS a middle-class tax hike.
http://www.edmontonsun.com/2017/09/19/trudeaus-tax-pitch-is-based-on-myths-and-class-envy
Quote from: "Shen Li"
Quote
This was significant, I thought. Surely it was a sign the federal government was listening to all the complaints from small business owners who stand to see their personal taxes rise substantially if tax changes proposed by Finance Minister Bill Morneau this summer are implemented.
Easter is well regarded in the Liberal caucus, a former cabinet minister and, most significantly, the current chairman of the Commons standing committee on finance.
Easter's concerns might hint at some amendments coming. Otherwise, the proposals would make it much harder for small business owners to save for their retirements, fund expansion of their businesses, hire new employees, pay for maternity leaves, share their income with their children and pass on their businesses.
But anyone who took Easter's remarks as a ray of hope was wrong.
When Parliament reconvened on Monday, Morneau and Prime Minister Justin Trudeau were, if anything, even more determined to ram through their tax hikes, which seek to squeeze at least $3 billion more out of small business owners every year.
Their class-envy rhetoric – pitting middle-class Canadians against "the wealthy" – was doubled during the first question period of Parliament's fall sitting.
Trudeau insisted his government was only proposing the changes to ensure "the wealthy" – whom he seems to despise, but whom he steadfastly refuses to define – pay their 'fair share" of taxes. He insisted this was about social justice and ensuring "the wealthy" pay the same rate of income tax as everyone else.
But this is based on a misinformed and twisted view of the "rich." (And, undoubtedly, a Liberal desire to woo NDP voters for the 2019 election.)
The top 1% of income earners in Canada kicks in at about $212,000 and already pays nearly 22% of all income tax paid to federal and provincial governments. The top 10% kicks in at around $80,000 and (including the one per centers) pays nearly 55% of all income tax.
The bottom 50% of earners pay just 4% of all income tax collected by Ottawa and the provinces.
The idea that most, or even just many, of Canada's "wealthy" get away without paying any taxes because they can employ clever accountants and sneaky lawyers to cheat the system is quite simply an urban myth.
This week a loose group of activist and lefty doctors wrote a letter to Morneau supporting his tax proposals. They wanted the government to know that while thousands of doctors and the Canadian Medical Association oppose the changes, there are some doctors who like the idea of being charged more tax.
"We need adequate tax revenues to fund social programs ...," the letter states. "These programs directly impact the health of our patients, and we believe it is important for us to contribute to their sustainability through an adequate tax base."
The fallacy in that argument is that governments don't already have enough revenue, so taxes must rise.
But no major government in Canada has a revenue problem. Instead, they almost all have spending problems.
And now Morneau and Trudeau and the rebel docs want you to believe taxes have to go higher still. Not only that, they can go higher solely on the backs of the evil, mean, greedy "wealthy," while your taxes remain the same.
But the small business tax hike IS a middle-class tax hike.
http://www.edmontonsun.com/2017/09/19/trudeaus-tax-pitch-is-based-on-myths-and-class-envy
That is an interesting statistic.
^^Ottawa has a spending problem, not a revenue problem.
True Dope is such a fucking hypotwat.
Quote
It's not quite ready for the glue factory
Hypocrisy can be a real leveler, of course, especially when it comes in the form of a gift horse.
It begs an answer.
Did he incorporate to limit his liability for business risk? Was it to save tax or defer paying tax to a later date because the small-business corporate tax rate for the first half-million earned is around 13%, as compared to a top personal tax rate of about 44%?
Was it because private corporations don't have withholding taxes, CPP or EI deducted by companies that hire its services?
These are all questions that Scheer should put to Justin Trudeau the next time he deems to show up for Question Period.
This may take a while, seeing as how he headed off to the United Nations' big meeting of world leaders this week to discuss, among other pressing issues, how to rein in North Korea's Kim Jung Un.
But he will return.
News of Trudeau's three private corporations was buried deep in a Huffington Post story earlier this week on how the Liberals plan to use the procedural tool of "time allocation" to ram through legislation.
When asked about this rather odd factoid in light of Trudeau's assault on small business, the response from the Prime Minister's Office was that Trudeau doesn't consider any of his three corporations to be a "small business," and that he "never used any of the tax advantages he is now looking to end."
This is all well and good, of course, but prove it.
Surely the prime minister had reasons to incorporate three distinct businesses, otherwise he would not have done it.
Or are we to take him as a fool prone to needlessly flushing money down the toilet?
One Toronto law firm calling itself "Ontario's No. 1 Incorporation Services" offers "fast and reliable all-inclusive pricing" of $599, plus HST, to incorporate a business federally, and $699, plus HST, to incorporate strictly as an Ontario small business.
So, there is a price to pay. Maybe not a lot, but a price.
What, then, are Justin Trudeau's reasons? Certainly, members of the opposition, as well as various MPs in Trudeau's own caucus, would like to know what possessed him to incorporate, not once but three times.
It is not as if the Trudeau Liberals have not heard dissent over their proposed tax changes to small business.
"Every MP is hearing loud and clear across the country that this is what people are literally freaking out about," Tory House leader Candice Bergen told the HuffPost. "This is a serious blow to local businesses, and the fact that Trudeau is doubling down, and being incredibly tone-deaf and stubborn on this, is only making it worse.
"People are really, really scared."
It is time, therefore, to put the question to Justin Trudeau.
The horse he rode in on could use a little more flogging.
http://www.edmontonsun.com/2017/09/19/trudeau-hypocrisy-wakens-a-dead-horse-for-more-flogging
I'm surprised MP's and the press have not been more vocal about this.
Quote from: "Fashionista"
Does it matter Fash? Despite all his broken promises and hypocrisy, the public and the media keep giving him a pass like no other PM we've ever had.
Quote from: "seoulbro"
Quote from: "Fashionista"
Does it matter Fash? Despite all his broken promises and hypocrisy, the public and the media keep giving him a pass like no other PM we've ever had.
Politicians don't disappoint me because my expectations of them are so low..
But, I agree he's a hypocrite.
Quote from: "Fashionista"
Quote from: "seoulbro"
Quote from: "Fashionista"
Does it matter Fash? Despite all his broken promises and hypocrisy, the public and the media keep giving him a pass like no other PM we've ever had.
Politicians don't disappoint me because my expectations of them are so low..
But, I agree he's a hypocrite.
A hypocritical politician is not new. But, the media giving him a pass on it is.