Lately the Liberals have been talking about some changes to the tax system that will have a big negative effect on family-owned businesses, and professional corporations. Everybody from doctors and lawyers to farmers to the little guy that does your plumbing or runs the corner store. It jacks all those taxes about 10%-20%, depending on income.Why would they do that? Seems stupid, right? Here's why:
Wolfson went on to speak about equality of opportunity, and questioned whether there should be any measures that enable the intergenerational transfer of wealth, suggesting that if we are really serious about equality of opportunity, then we should have no intergenerational transfer of wealth and instead let the kids all start out at the same place as this would make for a more "convivial society". Coupled with a governmental confiscation of that deceased parent's wealth of course. You cannot make this stuff up. This is our firm's "WTF" moment in this national comedy labelled as tax reform. The Liberal Party is basing their entire tax reform platform on Wolfson's study (which by the way is chock full of bias and unrealistic assumptions), whose author has publically stated that he thinks family farms are outdated and inefficient, and NOW proposes imposing a Marxist-style wealth confiscation on the Canadian taxpayer in a manner that would make Stalin proud. And we are not embellishing that – this is exactly what these proposals entail for the inter-generational transfer of a family business.
Emphasis theirs, believe it or not. This guy actualy wrote "WTF", in bold, in a professional business tax blog. The Liberals want to eliminate inheritance and take all your damn money when you die, and all your stuff, and leave your kids with NOTHING. That is literally what they want to do.
Yes, for real, that's what this is about. Family farm? HA! Fuck those hillbillies! Pay the kid's tuition with some profit from the family plumbing business? HA! Fuck those redneck plumbers! Doctors? FUCK DOCTORS!!!
Just so you know, the Wolfson named is Michael Wolfson, a prof at University of Ottawa. His paper is here: https://uwaterloo.ca/school-of-accounting-and-finance/sites/ca.school-of-accounting-and-finance/files/uploads/files/wolfson-brooks-veall_-_incomes_of_affluent.pdf
The paper notes that: "This research is being funded by a SSHRC grant to study "The Economic Behaviour of the Affluent". Who the hell is SSHRC?
Well that's interesting. Social Sciences and Humanities Research Council of Canada. This is a government institution that gives grants to universities. Or, as I like to call it, Liberals funding Liberals to find reasons to raise taxes on Canadians.