Franco Terrazzano breaks down UNDEMOCRATIC capital gains tax hike

The fallout of this latest example of 'pure bureaucratic overreach' is estimated to involve the loss of 400,000 Canadian jobs, to the tune of a $90 billion hole in our economy, if it goes unopposed.

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When Stephen Harper left office in 2015, Canadians were ahead of Americans in per capita earnings. Ten years later, Canadian prosperity has fallen painfully behind our neighbour to the South. What could possibly be to blame? 

On Friday night's episode of The Ezra Levant Show, Ezra Levant and Franco Terrazzano, director of the Canadian Taxpayers Federation, identified taxation as the culprit. And, with the latest unlegislated capital gains tax hike proposed by the Liberal Party and implemented by the CRA, Canadians have more reason to take a good, hard look at the taxation situation in this country than ever before. 

This tax hike, which increases taxation from 50% to 67% on capital gains over $250,000, has been put into effect without any of the proper legislative procedures, Terrazzano explained. "The legislation hasn’t even been brought into parliament, let alone passed," he said. "This is about as undemocratic of a tax hike as you can imagine, where you have unelected CRA bureaucrats that are going to be putting their grubby paws [in] Canadians' pockets."

The fallout of this latest example of "pure bureaucratic overreach" is estimated to involve the loss of 400,000 Canadian jobs, to the tune of a $90 billion hole in our economy, if it goes unopposed.

Terrazzano urged Canadians to break the silence on this issue, lest it happen again. "The reason why all Canadians have to come off the bench on this is because we can’t let politicians or the government get away with this precedent… They try to take as much money from Canadians as they can, and we cannot let them get away with it."

"Stay tuned on whether or not this is legal…" Terrazzano hinted. "Let me just say that the Canadian Taxpayers Federation, we are going to use every tool in our toolbox to fight what the CRA is doing, and what the government is doing."

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COMMENTS

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  • Bernhard Jatzeck
    commented 2025-01-19 00:36:35 -0500
    Trudeau reminds me of how Radio Havana used to start its shortwave broadcasts to our part of the world, billing itself as “free territory of America”.
  • Bruce Atchison
    commented 2025-01-18 19:46:00 -0500
    I wish we had nothing but people like Franco in Canada’s government. Imagine the prosperity we’d have. And imagine all the socialist policies which would be squelched.