On July 18th, the Liberals unveiled a massive tax hike on small businesses.
These changes could result in many small businesses and farms having their tax bill double next year. The end result will likely be lost jobs, closed businesses and higher prices for customers like you and me. More than 70% of private-sector employees work for a small business, meaning the proposed changes will have a huge impact!
These changes will be particularly hard on family farms, as any farm income paid to family members will be taxed at the highest personal tax rate. These changes will also mean that farmers who want to pass their farm to their children will pay more tax than if they sold the farm to a stranger.
Doctors and other medical practitioners will see their taxes increase significantly. As doctors can’t increase their fees, this means they have to eat the extra cost. This will prevent them from being able to save for maternity leave, sick leave, vacation leave, and retirement. I’ve heard from a number of doctors in Lethbridge who are considering the possibility of moving to the United States in order to avoid the pending tax hikes, which would be detrimental to all of us.
These are a few of the many reasons why I am opposed to these changes. Small businesses are the heart of our economy. Punishing them to pay for out-of-control government spending hurts everyone.