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Calculated Policy or Economic Stupidity?

After two months of delay, Prime Minister Justin Trudeau and Finance Minister/Deputy Prime Minister Chrystia Freeland finally revealed the specifics of their cornerstone budget commitment: A tax hike on job creators by raising the capital gains inclusion rate to 66%. As soon as we had a chance to review the proposal, common-sense Conservatives made it clear we oppose this tax hike.

The Liberals, propped up by the NDP, would like Canadians to believe this tax hike impacts only 0.13% of Canadians, the so-called super-rich. But they refuse to ensure the impact is limited to the extremely wealthy, even when given many opportunities to do so. In fact, the way they have introduced this measure shows a true lack of understanding of who is productive in the economy and who pays taxes.

What’s ironic is the delay in its implementation has resulted in many of the ultra-rich divesting their assets in Canada and moving their money elsewhere, taking advantage of the lower rate before the higher rate came into effect. In contrast, those who will be affected are farmers, small business owners, home builders, doctors, and other essential parts of our economy.

The NDP/Liberal Government is once again making regular Canadians pay for their high tax and big spending agenda. Rural Canadians and anyone who has made investments (especially those with any assets in a corporation) will be impacted. The Liberals refuse to acknowledge that this will impact tradespeople who own their own businesses, doctors who have a stake in their local practice, independent restaurant owners, and anyone who owns a recreation property, just to name a few.

Here in Alberta, farmers will be hit especially hard as they face this new tax on top of the costs of the carbon tax and proposed fertilizer use reduction mandates. This triple threat is going to make it difficult for them to produce food.  This will ultimately drive-up prices for everyone, but it will also make it nearly impossible for them to pass on their practice to the next generation.

Furthermore, this policy increases the likelihood that our farmland will be bought by wealthy hedge funds and foreign investors, which is not in the best interest of our farmers, food production, or our nation. The simple truth is this tax hike will hurt our nation, our job creators, and our economy. It makes one question whether this is calculated policy or pure and simple economic stupidity?

The leader of Canada’s Conservatives, Pierre Poilievre, shared not only our opposition to this tax hike but also our response to ensure we can repair the damage being done by the NDP/Liberal agenda. Pierre has committed that, within sixty days of becoming Prime Minister, he would establish a Tax Reform Task Force made up of job creators that will be focused on three things: lowering taxes, making taxation fairer, and simplifying the tax system. A common-sense proposal which will help unleash the economic potential of our nation.

You can count on Pierre Poilievre, my caucus colleagues, and me to work towards a Canada of economic stability, resource prosperity, and happy homes for our families and the generations to come. If these tax changes affect you, please feel free to reach out and share your story with me.

Thank you for the honour of being your representative and for the opportunity to serve you in our nation's capital. I look forward to seeing so many of you over the summer.

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