Private corporation tax proposals unquestionably harm “middle-class” business owners
While the stated intention of recent tax cuts proposed by the Government is to close loopholes that benefit high-income earners, these proposals are actually an attack on all entrepreneurs. In the example of a small business owned by a family and wife, the new tax proposals would not only force them to enact expensive tracking procedures, but would also hamper the growth of their business. Essentially, they and many other Candadian small business owners would be forced to shut down.
- The effects of the Liberal Government’s tax proposal will harm middle-class businesses maybe more than high-income individuals.
- Tax planning will be overly complicated and expensive, so all business will need to restructure to comply with the new rules, and companies without access to third-party financing are disadvantaged.
- After complying with the new rules, businesses will be less protected for business-cycle downturns and less able to expand in the future.
“The new rules, if enacted, will also require complex tracking systems in order to properly account for the new passive income rules.”
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