The Federal Liberals have announced changes to small business taxes and their proposed tax changes.

Earlier this week, Finance Minister Bill Morneau said that the Government would be lowering the small business tax rate to 9%.

While the move appears good for business owners, Airdrie Conservative MP Blake Richards said it's only overshadowing a bigger issue.

"I'm sure people are happy to see [the Liberals are] finally gonna follow through with a commitment they made during the election to make this cut. Over a bit of time at least, in the small business tax rate, it will nowhere near offset some of the changes they're talking about in terms of some of the tax increases with the proposals that they made in July."

This morning (October 18), Morneau announced some changes to their controversial business tax reform, saying the Government will target the 3% of private corporations, primarily wealthy businesses. Morneau said the other 97% of businesses won't be affected.

Regardless of these decisions, Richards said that the damage has already been done to middle class workers in his riding and across the country.

"The Fraser Institute put out a study recently showing that 81% of middle class Canadians are worse off, they're paying more tax because of this government. The average is about $840, that's the damage they've done in two years. You get one little piece of positive news but Canadians aren't fooled by one little piece of positive news."

 

Questions, comments or story ideas? Email us at news@discoverairdrie.com