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From: "John Feldsted" <jfeldsted@shaw.ca>http://www.sott.net/
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Subject: Morneau weathers tax storm of his own making
Our Income Tax Act is an overly long and complex document that has grown nearly incomprehensible due to continual meddling to either provide benefits for special interests, buy votes or manipulate the economy. Small business tax rules are an example of manipulating the economy.
Having set out rules advantageous to small business corporations, entrepreneurs and investors have created tens of thousands of small businesses and have expanded our economy. Small business owners have every right to feel angry when the government elects to change the rules that these businesses were created under, accuses the owners of using tax loopholes to evade taxes and contends that small business owners include numerous very rich people.
The government created a small business tax regime that has worked well for decades. Someone has decided that some small business owners are using the rules in ways that the government does not like. Rather than identifying and dealing with those people, Morneau has chosen to apply new rules to every small business without respect for the harm he may be doing to those who do not engage in practices Morneau does not like. The cure is worse than the ailment.
The term �income sprinkling� is a made-up term to vilify business owners who pay family members either by salary or dividends. Morneau claims he wants to have Revenue Canada review such payments, but will not disclose the criteria to be used or what will transpire if Revenue Canada decides to disallow some payments.
Morneau feels that putting the criteria in regulations is adequate, but � regulations are not brought to Parliament for review, are not debated and are not voted into law.
The $ quarter billion in revenue Morneau anticipates from the changes can be offset by turning the GST into a VAT applied at the point of purchase in place of the current complex scheme that is an expensive bureaucratic nightmare for business.
Morneau�s proposed small business tax changes have created uncertainty, deadly in any economy. Entrepreneurs and investors are unlikely to proceed with plans or expansions until rules are clarified.
An unintended consequence of the proposals is putting a significant proportion of our economy in a holding pattern. Morneau�s explanations of his proposals appear more and more muddled as time passes. His proposals were not carefully thought out before they were announced. Despite denials, this government is making policy decisions on the fly, and it shows.
It remains to be seen if Morneau will weather the storm of protest he stirred up.
For more see: http://www.cbc.ca/news/business/morneau-tax-changes-1.4343535?cmp=news-digests-canada-and-world-morning
John Feldsted
Political Consultant & Strategist
Winnipeg, Manitoba
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