Proposed tax changes negatively impact small businesses
August 14, 2017
Finance Minister Bill Morneau recently announced that he intends to close several tax loopholes that allow wealthy Canadians to avoid higher tax rates.
While the Conservative Caucus fully agrees that the tax system should be fair and equitable for all, we are concerned that the proposed changes may negatively impact hardworking small and medium-sized business owners who play by the rules and create jobs in their communities.
The Liberal government plans to launch a 75-day public consultation process on their proposed changes. Conservatives are thus committed to participating in the consultation process to ensure that the voices of hard-working small and medium sized businesses owners are heard.
Liberal tax hikes have made it more difficult for entrepreneurs to maintain and grow their businesses. By introducing higher small business tax rates, increasing payroll taxes, and introducing a carbon tax, Justin Trudeau has made it clear that small and medium-sized business owners are not a priority for his government.
This isn’t just a matter of seeing black ink on a ledger, or of winning praise from a local Chamber of Commerce. Lower taxes help young workers find their first job and help local companies invest expand and hire more workers. Tax cuts for families help them save for their children’s education, or for that family vacation.
Conservatives will continue to support policies that reduce the tax burden on businesses and allow entrepreneurs to create jobs and prosperity for all Canadians. We believe in helping Canadian families achieve prosperity and opportunity, instead of taking it away from them with overspending and higher costs. Lower taxes not only increase the amount that hardworking Canadians get to keep in their pockets from their paycheck, but it shows that the government has faith in them to do what’s best for their families.