I am not convinced there is much difference between saying that the CPC vision and policies are “cold, cruel and small” and how some LPC members think of those who support those policies and vision.
They seem to think of them as cash cows, pretty much, and things would be so much better if everyone had a government job - right?
Stop it with the class-war rhetoric to sell a capital-gains tax hike
The federal government is imposing an additional tax on capital gains in excess of $250,000, hiking the inclusion rate from 50 per cent to 66.7 per cent, and supposedly using the money to “invest in Canada and Canadians.”
According to Finance Minister
Chrystia Freeland, “The responsible way to pay for those investments is to ask those at the top to contribute a little bit of money.” Ms. Freeland went on to describe a future in which the elite wall themselves off and “the wrath of the vast majority of their less privileged compatriots burns so hot.”
Last I heard, two-thirds is more than a “little bit” and invoking the rhetoric of class warfare is not only irresponsible but dangerous. The truth is this tax policy isn’t really about taking from the rich and giving to the poor. It’s about discouraging risk-taking and – intentionally or not – punishing those entrepreneurs who succeed in beating the odds, and who grow our economy in doing so.
This country, like all countries that aren’t welfare states, needs entrepreneurs. Their innovations add value to the economy and help keep Canada globally competitive. And they create jobs – millions of them, according to the government. Small and medium-sized companies contribute more than half of Canada’s gross domestic product. So why exactly would we want to tax their founders out of existence? And how on earth would it be “responsible” to discourage aspiring entrepreneurs from trying to create even more jobs?
News flash: Building companies is a risky business. Many entrepreneurs start with nothing bigger than a dream and the courage to pursue it – with no safety nets, paid vacations, pensions or benefits. I think of people such as Andrew Maida of Flourish Pancakes, who sacrificed for years with no money, even sleeping in his car, to ensure that his business idea of a healthier breakfast became a reality.
Full disclosure: I’m an investor in Andrew’s company and I’m thrilled that it provides jobs for many Canadians, his products are sold across the country and he can finally pay himself a decent wage while continuing to grow his business.
Like most people, entrepreneurs are incredibly hard-working folks, yet fully 80 per cent of startups fail. Many founders of businesses work for almost nothing and then are left with nothing to show for their years of effort except significant debts.
The successful ones, through job creation, help make it possible for literally millions of other Canadians to put gas in their cars, food on their tables and clothes on their children’s backs. Yet very few are fat cats.
We aren’t talking about gazillionaires such as Elon Musk or Mark Zuckerberg here (despite the sound bites about the government’s policy somehow affecting only folks like them). We’re talking about people, like Andrew, who have toiled for years against great odds and, yes, may one day see a nice return for taking on all those risks (and enduring great stress, having everything on the line). In many cases, the entrepreneur’s return will be less than it would be if they had worked a traditional job and put money away in an RRSP or a tax-free savings account, maybe investing their savings in the stock market or real estate.
Last week, Finance Minister Chrystia Freeland warned Canada’s top 1 per cent of dire societal consequences over the capital-gains tax hike
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