15.4 C
New York

Freeland Fixated On Flawed Tax Hike Despite Criticism

Published:

Trudeau Government’s Tax Hike Deception Exposed

The Trudeau government has just dropped a tax bomb that could impact far more Canadians than you think.

Finance Minister Chrystia Freeland is on a stubborn mission to push through a major tax hike, despite rising criticism. She claims it only affects the ultra-rich, but the alarming details expose gaping holes in that narrative.

This shocking new proposal also unmasks jaw-dropping hypocrisy within the Liberal government. Their portrayed intentions completely contradict the harsh realities lurking beneath the surface.

And the outrageous spin Freeland is putting on this upcoming vote in Parliament reveals the government’s true ideological colors. They are severely misguided if they think these punitive taxes on prosperity will fund their lavish spending promises.

The Liberals are openly deceiving Canadians. But many see through this ruse to the socialist ideology driving these tax hikes.

As the debate rages on, one thing is clear – this proposal has ignited fury at the government’s perceived disconnect from economic realities. 

Freeland Railroading Through Damaging Capital Gains Tax Hike

In an exclusive doubling down, Freeland came across as out of touch with the realities of taxpayers across the socioeconomic spectrum. The Liberal government recently tabled a proposal to increase the capital gains inclusion rate, claiming it will only impact the top 0.13% of Canadians.

Finance Minister Chrystia Freeland remains fixated on pushing through the capital gains inclusion rate increase, despite valid concerns raised by numerous industry groups. Her determined focus presents an almost tunnel-vision view that this policy will predominantly impact Canada’s ultra-wealthy.

While forcing a hike the inclusion rate on capital gains from 50% to 67% for individuals earning more than $250,000 in capital gains in a year, and on all capital gains realized by corporations and most types of trusts. While aiming to fund key social programs, Freeland seems oblivious to potential unintended consequences.

When examining the numbers, the Liberals’ claim that this tax only impacts the top 0.13% doesn’t seem plausible. The proposal is estimated to raise up to $19.4 billion in new government revenue over 5 years. 

Canada’s Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada, February 17, 2022. REUTERS/Patrick Doyle

For context, that’s approximately the entire annual budget of the Canadian military. Raising that immense sum from a fraction of the ultra-wealthy seems highly unlikely. 

While the Liberals emphasize the current excluded groups, they downplay the many achievers striving for financial security who will ultimately pay more. The numbers reveal this is an expansive new revenue source stretched across more taxpayers than proposed. 

However, upon deeper analysis, there are concerns this policy could negatively impact more Canadians than anticipated. While increasing taxes on the wealthy may seem appealing, it is a raising alarm to all Canadians.

Liberals talk about fairness and responsibility for the Canadians and all the generations, but at the same time they are increasing taxes again, claiming it would be beneficial for programs like food banks, child care, and pharmacare.

Freeland’s portrayals of hypothetical situations about young Canadians lacking birth control funding epitomize this disconnect. The vast majority of Canadians are not expecting increased capital gains taxes to fund pharmacare.

The Liberal government’s fixation on enacting this tax hike exposes their hypocrisy and ignorance of economic realities. Freeland continues to brazenly claim this targets the ultra-wealthy, when in truth it risks damaging Canada’s growth and prosperity.

Freeland’s messaging reveals a fixation on capital gains tax increases as a cure-all revenue source, dismissing valid criticisms.

At its core, this policy will disincentive investment and entrepreneurship by lowering returns. Reduced incentives will drive capital and investors away from Canada, restricting access to funding for businesses and startups trying to expand.

NDP Hypocrisy Match Liberals’ Misinformation

Moreover, Freeland’s tax grab harms property values, hurting small landlords and farmers. With lower returns, investment properties and farms become less valuable assets. This has real impacts on rental income and operators reinvesting to sustain their livelihoods. 

In addition, this reduction in investment returns hinders middle class Canadians from building wealth over their careers. Retirement savings in the stock market will take a hit. Freeland’s assertions that only the ultra-wealthy will pay more are patently false. The out-of-touch Liberals fail to grasp the real-world impacts on average Canadians’ finances.

Furthermore, incorporated healthcare professionals will be disproportionately affected by the corporate tax component. The uninformed Liberals are exacerbating doctor shortages and restricting patient access. Yet Freeland continues spewing misleading rhetoric about this only impacting the rich.

Freeland’s steadfast promotion shows a lack of appreciation for the alternative perspectives on slowing growth and reducing incentives. For many, this signals an ideological drive within the Liberal government to enact tax hikes regardless of potential side effects. 

The Liberals are severely misguided in their belief that this reckless tax hike funds pharmacare, childcare and other priorities. Their debt spending already mortgages our future, and now they want to limit prosperity and growth. 

Freeland’s hypocrisy in portraying this as a defining moment for Canada reveals the Liberals’ true socialist colors. They are shockingly out of touch with economic realities. 

No wonder, small and big business owners, conservatives have already predicted this failing proposal before even launching it calling it out as a ‘shortsighted’ and ‘sows division’.

Meanwhile, NDP Leader Jagmeet Singh’s astonishing double face makes an appearance in a recent press conference. Claiming that the Liberals are playing political games and should have included the proposal along with the budget.

Singh’s claims of the proposal as a failure to the fairness and if it would have been added before while the government was in power for 9 years. But at the same time, the NDP didn’t make a sound when the budget was tabled and Canadians suffered from unaffordability of living costs.

In response, they have voted in the budget’s favor claiming they will be hand in hand with the struggling Canadians, but all we have seen is enjoying the headlines and flashy announcements. Singh’s hypocrisy is no different from the Liberals.

Canadians deserve an honest debate about taxation that sets partisanship aside. All want investments in healthcare, housing and other priorities. However, conclusively tying this capital gains increase to funding such programs is misleading. The revenues raised likely constitute minor budgetary funding.

Related articles

Recent articles

spot_img