Trudeau’s Ex-Finance Minister Criticizes Capital Gains Tax Hike

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Bill Morneau, former finance minister under Prime Minister Justin Trudeau, criticized the idea of hiking the capital gains tax, stating it would stunt Canada's economic growth. He called the move 'very troubling for many investors.' The federal budget unveiled a measure to raise the capital gains tax inclusion rate to two-thirds from one-half, applicable to all gains made by corporations and trusts. The measure is projected to raise C$19.4 billion over five years. Morneau expressed concerns about the growth of the country and the negative impact on long-term economic growth and investment. He also criticized the amount of new spending in the budget and the lack of effort to reduce spending. Ontario Finance Minister Peter Bethlenfalvy also criticized the move to raise tax revenue, stating that taxing one's way to prosperity is not possible.

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https://finance.yahoo.com/news/trudeau-ex-finance-minister-criticizes-164500699.html