Trudeau's Government Proposes Tax Hike in Pitch to Young Voters

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Apr 17, 2024

Image copyright: Pool/Pool/Getty Images News via Getty Imagesstory last updated Apr 18

The Facts

Canadian Prime Minister Justin Trudeau’s government announced a tax hike on Tuesday as his Liberal Party looks to win over young voters who have been hit hardest by cost-of-living increases.
Under a new budget proposed by Finance Minister Chrystia Freeland, tax will be elevated on capital gains income above CA$250K ($180K USD). The move seeks to generate more revenue from wealthy Canadians and raise nearly CA$20B over five years.

The Spin

Right narrative

In just a short period of time, Justin Trudeau and the Liberals have managed to inflict irreparable pain and suffering on Canada, and now they are looking to do even more damage to an already-battered economy. While the Liberals may play the euphemism game to pitch their tax increases by claiming that they’re asking the “rich” to pay their “fair share,” everyone with a cursory understanding of economics knows that a 67% capital gains tax will bring investment to a grinding halt. Instead of taking measures to address the root issues of the mess they’ve created, Liberals are looking to keep taking other people’s money to bribe the very individuals whose lives they’ve destroyed.

National Post

Left narrative

The budget proposed by the Liberal government implements long overdue reforms that are needed to increase investment in housing and ease the burden on younger generations. While Canada’s wealthiest individuals and corporations may cry about paying more in taxes, the fact is that Tuesday’s proposal will only apply to 0.13% of individuals while benefiting many more. Millions of people, particularly millennials and Gen Z, don’t have the privileges that many older Canadians have had, and it’s about time the government looked to give support to young people instead of the ultra-wealthy.