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Thursday, November 2
I'll have to be honest - I had no real idea what an income trust was until Scott Brison was suspected of sending an improper e-mail on the subject last federal election. But I still relegated it to the part of the brain that holds "Financial information that has little or no impact on me until I develop some capital." My bank account informs me, almost on a daily basis, that the file is not in any urgent need to be opened. Which is another way of saying, I only sort of knew what an income trust was.
Then yesterday federal Finance Minister Jim Flaherty made me trot out that tiny piece of knowledge, as he announced the federal government would begin taxing income trusts like corporations. Good for him, and good for his government.
Does it brake an election promise? Well yes, but not only had circumstances changed, the proliferation and development of income trusts was a serious problem. While I appreciate the business model from the good perspective, from a larger macro economic level I can't imagine a worse model to base an economy on. posted by Duncan @ 9:14 PM
© 2003-2010 Duncan Wojtaszek
No reproduction whatsoever, in any form, without permission.
All views expressed here are those of Duncan Wojtaszek and no other person or organization.
1 Comments:
At 1:09 PM,
Josh Bazin
said…
My understanding of the issue is that if the government didn't start taxing income trusts, we'd be seeing an increase in other taxes. I'm not sure, but I almost certain this would cause quite the uproar as well.
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