The Wealthy To Get Tax Cuts – ‘Thank you Trudeau’

in Canada by

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There have been many who have said that the current Prime Minister Trudeau and his party are all for the rich.

This is no secret since Trudeau himself comes from a privileged household. But, while he and other members of the Liberal Party have been shunning any evidence that proves Trudeau to be all for the elite, now and then reports leak out of how the Trudeau Administration continuously comes up with policies that support the elite.

All the while they continue to mislead the Canadian people into believing that they care for the working class.

The biggest proof that the Trudeau Administration is in fact for the rich is the latest tax perk that our very own prime minister has granted to wealthy CEOs, which as it turns out is going to cost ordinary Canadians up to $840 million a year. This time, the Trudeau Administration has come up with the name, stock option deduction to help the rich CEOs millions in tax revenue.

This is just one of the reasons why its critics want to see the new tax deduction abolished.
According to Dennis Howlett, of Canadians for Tax Fairness, the new law is outrageous and has been put in place to target the loopholes in tax law so that only the top one percent of Canadians can benefit.

Stock options are a lucrative part of their compensation where both the executives and the some employees are allowed to purchase a company’s stock at a given price. And once they cash in the stock, after the conditions are met, the profits are normally taxed at only half of the rate of the regular income. The fact is, those who get to buy stock options normally pull in fat salaries to begin with.

This alone, makes it clear that the new tax law will only benefit the richest CEOs in Canada.