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2006-01-19 05:41:54 UTC
Conservative Finance Critic Contradicts Platform on Capital Gains
The Conservatives are at it again. They can't explain their latest
tax bungle.
The Conservative Party platform clearly states "a Conservative
government will eliminate the capital gains tax for individuals on the
sale of assets when the proceeds are re-invested within six months."
(page 16)
This would create a tax loophole that would provide a $6-billion
benefit to the wealthiest 1 percent of Canadians over the next five
years.
But now they are back-pedalling on their tax cut.
Conservative Finance Critic Monte Solberg told Canadian Press today
that it was a mistake.
He said the Conservatives are not planning the "elimination" of the
capital gains tax. "We're talking about a deferral."
Fellow Conservative MP Jason Kenny also told Don Newman on CBC's
Politics today that the Conservative proposal is only a deferral.
"The government will get revenue out of these capital gains at some
point when people stop rolling these things over, or when it becomes
added to capital gains at death for an individual taxpayer," Kenney
said.
He in turn was contradicted by John Williamson, the federal director of
the Canadian Taxpayers Federation, who said the plan features untaxed
inter-generational transfers.
"With our demographic changes, as assets are passed off from one
generation to the next, individuals will have the chance to sell them
and reinvest them for their retirement rather than these assets being
taxed," said Williamson, as quoted in today's Conservative press
release.
Canadians have to ask themselves how can they trust a party to govern
that is either incompetent or deceitful.
Come clean, Mr. Harper. Canadians have a right to know.
The Conservatives are at it again. They can't explain their latest
tax bungle.
The Conservative Party platform clearly states "a Conservative
government will eliminate the capital gains tax for individuals on the
sale of assets when the proceeds are re-invested within six months."
(page 16)
This would create a tax loophole that would provide a $6-billion
benefit to the wealthiest 1 percent of Canadians over the next five
years.
But now they are back-pedalling on their tax cut.
Conservative Finance Critic Monte Solberg told Canadian Press today
that it was a mistake.
He said the Conservatives are not planning the "elimination" of the
capital gains tax. "We're talking about a deferral."
Fellow Conservative MP Jason Kenny also told Don Newman on CBC's
Politics today that the Conservative proposal is only a deferral.
"The government will get revenue out of these capital gains at some
point when people stop rolling these things over, or when it becomes
added to capital gains at death for an individual taxpayer," Kenney
said.
He in turn was contradicted by John Williamson, the federal director of
the Canadian Taxpayers Federation, who said the plan features untaxed
inter-generational transfers.
"With our demographic changes, as assets are passed off from one
generation to the next, individuals will have the chance to sell them
and reinvest them for their retirement rather than these assets being
taxed," said Williamson, as quoted in today's Conservative press
release.
Canadians have to ask themselves how can they trust a party to govern
that is either incompetent or deceitful.
Come clean, Mr. Harper. Canadians have a right to know.