"From a government revenue perspective, if we are going into a global economic slowdown they're going to be looking to preserve their revenue base. Income trusts, as they previously existed, were a real threat to that." Tax lawyer Adrienne Oliver, (July 16, 2008)
Wow, this Adrienne Oliver tax lawyer person is a real winner. I think Diane Francis should interview her. Diane could start off by asking:
How does Adrienne’s totally presumptuous logic support evidence that any taxes are being lost in the first place? Proof would be more compelling than presumption.
How does Adrienne’s lame logic “explain away” Flaherty’s exemption for REITs?
How does Adrienne’s misguided logic “explain away” Flaherty’s exemptions for public trusts that become private trusts held by pension funds and not taxed?
How does Adrienne’s empty logic “explain away” Flaherty’s removal of the 15% withholding tax on leveraged buyout loans to facilitate the total loss of the tax revenue base to foreign private equity?
And finally, what taxes are paid by her employer Ogilvy Renault Tax Flow Through Entity LLC?
No point asking that question, since it’s purely rhetorical. They pay no taxes. They are an income trust. I guess Flaherty forgot to tell the world that he exempted REITs AND law firms.
Thursday, July 24, 2008
Posted by Fillibluster at 4:36 PM