Liberals are defying logic
Dear Editor: Much has been written in recent weeks about the proposed changes to small business income tax. Many of the inequities in these changes have been pointed out including : • Making it much more expensive for a business owner to transition a business to the next generation than it would be to sell the business to an arms length competitor or private equity firm.
• Putting small business owners without pensions at a disadvantage to those who are able to split retirement income between spouses.
• Significantly changing the retirement goal line for those small business owners who have been diligently saving and accumulating their retirement assets.
• Requiring small business corporations to pay a much higher rate of tax on passive income than a large public company does, making it much more difficult to accumulate the capital required to compete, expand and reinvest in their businesses.
The suggestion that somehow small business owners are taking unfair advantage of a tax system that has been created specifically to allow them to be successful defies logic.
Also defying logic is why the federal government has chosen to take the small business sector to task in the first place.
This was not a topic that has been a source of irritation, and no one has been suggesting that strong small businesses are doing anything but helping our economy.