But businesses and higher earners would face a hit to their incomes.
The majority of Canada's current wealthiest families didn't earn their fortunes, but had them passed down, from as far back as six generations.
Having competitive tax policies that encourage wealthy individuals who own and run businesses to keep those businesses here - and keep paying taxes here - is good for all Quebecers. It helps grow the pie, and when the pie gets bigger, everyone can end up earning bigger and bigger slices.
Dear valued wealthy client: First, we'd like to apologize for corresponding with you directly. We know that you prefer that we communicate with you through your accountants or your esteemed team of corporate tax lawyers.
The Liberals' primary planned revenue generator is the increased tax rate for Canadians in the upper income tax bracket but it's coupled with a one-and-a-half percent cut for middle income earners. They originally claimed that these measures taken together would add $3 billion to the federal coffers. However, they're already backing away from that rosy prediction.
Granted that Zuckerberg and other wealthy individuals do such public and private acts and structure their affairs to their advantage, my point is that most people will do the same and nobody does anything without expecting something in return, be it material benefits, fame, feeling good about oneself, reward in the afterlife, or other tangible and intangible benefits.
Albert Einstein once said, "The hardest thing in the world to understand is income taxes." -- you can rest assured that it is not a simple subject. Taxpayers are expected to understand it well enough to be able to make good decisions about our own financial situation. But if understanding basic income tax isn't enough of a headache, the taxes on investment earnings (such as in your RRSP) represent a whole new territory.
The Liberal finance minister assumed that taxes were useful but indeed a loss -- not to government, but to the citizens who pay the tax. Taxes are necessary, but we must be judicious about the money sent to politicians and civil servants. That includes understanding the money first belongs to Canadians.