Finance Minister Morneau has called for public consultations on his proposal to close tax loopholes that allow wealthy professionals to use private corporations to reduce the taxes they pay.
The predictable push-back from those with the most to lose has started. Don’t let vested interests scuttle this small but important step towards a fairer tax system.
This happened last year when the finance minister bowed to opposition from CEOs of some of the largest corporations and went back on a campaign promise to close the stock option loophole. It gives a billion dollar tax break to wealthy CEOs who are the last ones who deserve a top up of their exorbitant salaries at tax payers’ expense.
Unless middle and lower income Canadians speak out to support efforts to make the tax system fairer, there is a danger that the only ones the government and media will hear from are the wealthy who want ordinary taxpayers to continue to subsidize their incomes.
Please send a message now to Finance Minister Morneau asking him to stand firm and close this and other unfair tax loopholes. We need the tax system to reduce inequality, not increase it!
You can learn more about this issue here: Hold firm on closing private corporation tax loophole
You can also share your views on the Finance Department’s Consultation Paper on Tax Planning Using Private Corporations by going to: http://www.fin.gc.ca/activty/consult/tppc-pfsp-eng.asp