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Prime Minister Justin Trudeau, right, and his finance minister Bill Morneau. Canadian Press

Why the rich should revolt — and it's not for the reasons they think

The Financial Post, Ottawa Citizen and Windsor Star carried a piece highlighting research by Economics Professor Michael Veall into income inequality among Canadians.

Sep 22, 2017

Terence Corcoran: So-called ‘rich’ Canadians are missing the point in their outrage over Ottawa’s tax reforms, and they will lose the battle as a result.

On July 15, a beautiful 26 C summer day in Ottawa, Finance Minister Bill Morneau announced the Justin Trudeau government’s plan to revamp tax rules for small business corporations. The Liberals say these corporations — formally known as Canadian-Controlled Private Corporations — take advantage of giant tax loopholes that Canada’s wealthy use to dodge billions of dollars in taxes.

The loopholes are complicated and Morneau’s proposed fixes are even more so. The minister allowed 75 days for experts and users of CCPCs to assess the proposed changes. Some say the review period is too short, but it has been long enough for a groundswell of opposition to build among tax lawyers, doctors, farmers, small business owners and others.

For the rest of the piece, please visit the Financial Post website.