Local Businesses Still Hurting One Year After Liberal Tax Grab: Poilievre

Conservative Shadow Minister for Finance, the Honourable Pierre Poilievre, today issued the following statement regarding the one year anniversary of the Liberal government’s attack on local businesses:

“Tomorrow marks one year since Prime Minister Trudeau and Finance Minister Bill Morneau first launched their attack on local businesses to pay for their out-of-control spending and entrepreneurs still aren’t out of the woods yet.

“The Liberals’ complex tax grab would have forced business owners to pay a 73% tax on savings income, penalized family businesses for sharing earnings and work with family members, and doubled the tax on the sale of a farm from parents to children, forcing them to sell instead to multinational corporations.

“Despite a massive uprising by mom and pop shops across the country, Justin Trudeau and Bill Morneau steamrolled ahead for months, claiming that business owners were just rich tax cheats.

“While mounting pressure and a pending election eventually forced them to back off of the worst parts of their proposal, the Liberals did implement tax increases and complicated compliance rules that will hurt many small businesses. These rules are so vague and complicated that a former Chief Justice of the Tax Courts said they will lead to “battle” in court between taxpayers and the Canada Revenue Agency and the Parliamentary Budget Officer has estimated that they could end up costing entrepreneurs more than $1 billion.

“Make no mistake, if Justin Trudeau is re-elected in 2019 he will bring back his destructive business tax changes to pay for his out-of-control spending.  He’s already broken his promise to only run small deficits of $10 billion a year, and to balance the budget by 2019.  Instead the Prime Minister has added $60 billion in debt and now admits the budget will not be balanced until 2045 – twenty-five years later than he promised.

“With rising interest rates, new regulations and U.S. tariffs, now is not the time for more Liberal tax hikes. Local businesses grow our communities and create jobs. They need our support, not higher taxes. Andrew Scheer’s Conservatives will continue to fight for lower taxes and we will fight Justin Trudeau’s attacks on local businesses every step of the way.”