Federal budget to include tax increase for wealthy, sources say

A new pair of shoes for a budget that might feel like a retrend. The finance minister using a long standing tradition to make clear her budgets focuses on young Canadians like these entrepreneurs, but hasn’t said how she’ll pay for billions in new promises. Except for already signaling this. We will not be raising taxes on the middle class. Now Radio Canada has learned the richest Canadians will be taxed more. Sources said Big businesses will be targeted too. That’s something the New Democrats have long campaigned on, long fought for. We believe in that. And right now our focus is specifically on Bay corporations that are ripping off Canadians. The Liberal government will have to bring in more revenue after a series of pre budget announcements from housing to artificial intelligence and a Canada wide school food program. In total the government’s promised $38 billion in commitments over a number of years. About 17 billion of that involve loan based programs so 21 billion of it could hit Canada’s bottom line. We need to make sure that we’re building an economy where everyone has a shot at a stable middle class life. But some warn taxing the wealthiest may sound good but could have unintended consequences. At the end of the day, companies. Pass these costs to consumers. That’s number one on the wealth tax. It has been tried only once in France and it was abandoned 2 years after because it was a catastrophic measure. We feel that taxes should be more broad based. We shouldn’t be picking winners and losers here. We think that that’s not the best tax policy. Details about how exactly the government plans to target wealthy Canadians will be announced in Tuesday’s budget. Sources told Radio Canada that it will affect less than 1% of the population. Ashley Burke, CBC News, Ottawa.