Thursday, February 13, 2014
Flaherty's sudden conversion to thoughtfulness?
On the issue of income splitting, today we learn that Finance Minister Jim Flaherty wants to take "a long, hard analytical look … to
see who it affects in this society and to what degree",
Funny that Flaherty didn't take a " long, hard analytical look … to
see who it affects in this society and to what degree" when he killed
income trusts back in 2006, after being elected six months previously on
a platform of "preserve income trusts by not imposing any new taxes on
them". Instead Flaherty destroyed an essential retirement income savings
vehicle for the 75% of Canadians without a workplace pension and by
CAVING to the interests of CEOs and lobbyists for the life insurance
industry who were served by killing income trusts for their own narrow
interests. Meanwhile Flaherty promoted his patent lie that "income
trusts cause tax leakage", which all reputable analysts have proven to
be false (Royal Bank, BMO, Pricewaterhouse Coopers, HLB Decision
Economics, etc.) Instead Flaherty's reckless and hasty decision lead to a
wave of foreign takeovers of Canadian businesses formed as trusts (eg
Prime West Energy trust taken over by Abu Dhabi Energy) amounting to
over $100 billion in takeovers that created REAL TAX LEAKAGE, to the
tune of $1.2 billion a year. To learn more about Flaherty's gross
incompetence click on this article by Professor Stanbury entitled
"Leadership? Here’s Ten Reasons Why the Tax on Income Trusts Was a Public Policy “Train Wreck”
Posted by Brent Fullard at 10:21 AM
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4 comments:
To everyone who thinks the Conservatives are good managers of the economy with a steady hand on the tiller.
Has it not crossed anyone's mind that this policy 'spat' is nothing more than a useful, even planned, distraction from the real bush-burning they are doing with regards to Canadian election laws? The At Issue panel spent the whole 20 minutes musing what Flaherty, Harper, Kenney et al were thinking; in the meantime, Canadians who may have their democratic rights curtailed are busy cheering on our OLympic athletes. All to convenient, with Flaherty looking more and more like a guy ready to take that walk in the snow. What Canadians don't know...
Good point rockfish! In response, I blogged this today:
Income splitting spat is simply the means to divert attention away from Fair Elections Act.
http://caiti-online.blogspot.ca/2014/02/income-splitting-spat-is-simply-means.html
the ordinary Joe balanced the budget
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