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Morneau says tax changes will target only a few wealthy people

Morneau says tax changes will target only a few wealthy people
From CBC - October 3, 2017

As the opposition to the Liberals' proposed tax changes continues to grow, the government has released a list of five key principles it hopes will reassure Canadians it is not targeting most small business owners.

But those five principles offer little discernible detail that would assuage specific concerns raised by business groups and the opposition, with theexception of a promise that the transfer of family farms to the next generation would not be affected by the tax changes.

When the government launched its consultation over the proposed changes in the summer it argued that the tax system is unfair because it encourages wealthy professionals and business owners to incorporate to pay lower taxes.

But pledging to crack down on those getting an unfair tax advantage has sparked outrage amongsmall business owners who say the move will unfairly target them, making it hard for them to grow and hire new staff.

Morneau tried to calm those fears Tuesday.

"You are not the focus of our changes to strengthen the fairness of Canada's tax system, which will only impact a small number of wealthy incorporated individuals," Finance Minister Bill Morneau said in a statement.

Promising to act on what he heard from small business owners during the Liberals' consultation period that ran from July 18 to Oct. 2,Morneau issued a list of five principles designed to calm the furor.

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