Trudeau’s tax grab now after small business

According to a report from Babson College, the reason most businesses fail is due to lack of profits or financial funding. A main issue is under-funding at the outset of starting a business, as entrepreneurs often underestimate the amount of money required to fund operations. At the same time, they frequently overestimate how quickly their products and services will catch on.

Despite the odds being stacked against them, these entrepreneurs invest tens and often hundreds of thousands of dollars of their own and borrowed money, to make their dream come true. Most of these entrepreneurs work ridiculous hours, and do not receive benefits afforded to many employees in the public and private sector. These people sacrifice a great deal, none more than income security.

There is no pension plan, dental plan, or medical plan coverage that their more traditionally employed counterparts enjoy. There is certainly no sick pay, and very few of these entrepreneurs enjoy any vacation time trying to get their business up and running.

Without similar benefits, small business owners have to pay out of pocket for such essential services while also attempting to save for retirement. They also have to pay for the day to day running of their businesses, including operating costs, advertising, overhead, and supplies.

Small businesses are the biggest employers in Canada and the US, by a long shot. The Government of Canada’s own statistic s show that 70.5% of private sector jobs are provided by small businesses.

To meet their election campaign goals of growing the economy and providing jobs for the ‘Middle Class’, you would think that the bureaucrats and politicians would encourage these entrepreneurs to expand their businesses and create more jobs.

Because they do not get the same benefits that most salaried employees receive, these small business owners rely on the minor advantages afforded to them by our current tax system in order to stay afloat.

Well, in Canada, the Trudeau government wants to close those minor advantages for small business owners. They say it is to level the playing field and to protect the ‘Middle Class.’ The reality is that this is yet another government tax grab.

Most of these small businesses are in the ‘Middle Class’ and by cutting off these tax breaks, the government is sending a very negative message to entrepreneurs.

Socialism is the art of spending other people’s money. Trudeau’s government is racking up massive deficits and debt loads, and now they are on the hunt for more money. With this ill advised attack on the people that create over 70% of the jobs in Canada, Trudeau risks killing the economy, just as it starts to recover.

Stay tuned!