Tuesday, April 14, 2009

John Manley being let go from that different kind of business that is taxed differently


My Ottawa sources have told me that John Manley is being let go from law firm McCarthy Tetrault, as they are closing their Ottawa office. You may wish to confirm that.

So why would I care or even comment? Well, because John Manley was the one who pronounced support for Flaherty’s income trust tax on the basis that we can’t have two different types of businesses taxed differently.

I think the last person to put forward a bozo argument like that was Henry Ford, when he said you can have any colour of Model T, provided it’s black. The “one size fits all proponents” also include some talking heads on BNN. Well, at least one of them.

Meanwhile, Manley seems to be oblivious to the fact that these trusts aren’t disappearing under Flaherty’s policy, but rather they are simply being acquired by the pension funds, who take these trusts private and exempt from the 31.5% tax.

As such, we still have the problem that John Manley professes is solved? Smart guy.

Also a trifle hypocritical as well, since the firm who he presently works for is a tax flow through LP, known as McCarthy Tetrualt, LP.

Do you think John Manley will end up working at another tax flow through limited partnership that pays no taxes, or a Thunk Tank, like CD Howe, who think Flaherty’s introduction of a two tiered pension system in Canada, under Flaherty’s trust tax policy, is nifty doodle. Better perhaps if that Thunk Tank were named C D Howdy Doody, for the quality of output they produce and the falsehoods they contribute in hoisting on Canadians.......on behalf of their corporate members.

6 comments:

Dr Mike said...

Whadya say we get down to the brass tax of really leveling the playing field here.

All firms such as that of the Manley group must have the groups profits taxed as a whole , say 31.5% , then what remains can be distributed to the partners & they will be taxed on straight income.

Hell , they could call it the Tax Fairness Plan II.

Certainly sounds fair to me.

Whadya bet there would be a bit of squeakin going on.

Dr Mike Popovich

Dan said...

This blog is so played out.

CAITI said...

Dan:

You should have provided some supporting reasoning for this position of yours....or maybe an example.

Perhaps "This blog is so played out...like John Manley himself."

Brent Fullard

Anonymous said...

John Manley is obviously a CON in disguise. Interesting how the PM put him on the Independent Panel for Canada's role in Afghanistan ....

As for 2 different taxes on business ... that is the dumbest & laziest argument considering he has advised as a professional on issues of finance. Even non-finance people know there are all kinds of different taxations. Obviously Manley is not qualified to comment on taxation matters of any kind.

Good riddance for the law firm. Hopefully next time they have learned their lesson on the importance of Human Resources policy. They should have fired him for stupidity after making such a dumb argument in such a public forum. If he is still a card carrying Liberal - he should be thrown out of the party for his stupidity on Income Trusts & taxation in general. Politicians like him make it very difficult to vote Liberal.

As for this blog being played out ... I don't see that as being a bad thing. Makes for an interesting read. Also makes it easy to catch up on things when life takes over and I don't have time to read the news or follow these very important PSA's. Thank you CAITI (Brent). The dedication is appreciated.

Dr Mike said...

Hey Dan

Why such a long face??

Truth hurt??

We will be played-out when outfits like the "new" Conservatives are outed for the cons that they are--masters of spin --shysters extraordinaire.

People will thank us someday for the effort in ridding Canada of the unscrupulous who prey on the weak in society for their own gain.

The resolution is close at hand.

Dr Mike

Anonymous said...

Brent, you are on a roll!  Well done.
 
Les Parsneau