Bravo Minister Flaherty, Bravo! I for one applaude the changes made on Hallowe’en closing the Income Trust loopholes. When it comes to taxes, everyone should pay their fair share, emphasis on fair. I have no sympathy for people who lost money in the market correction, they invested in something they knew was up in the air, and that was a loophole. They got what they deserved.
Now the big question is, is Flaherty going to go further and reach for that bastion of conservative taxation, the Flat Tax? Hopefully so. Everyone should be taxed at the same rate regardless of income level. Someone who works their ass off to make 500K in a year should be taxed at the exact level as someone who sits on their ass and collects a welfare cheque. Fair is Fair.
With the GST having been reduced and now the loopholes on income trusts, can a flat tax be too far off?
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