Proposed tax changes miss the boat on financial security for all
The proposed changes are supposed to “level the playing field” by ensuring that business owners don’t have advantages that employees can’t access, making the system “fairer.” But what if business owners are left worse off than employees earning the same level of income?
Can a business owner and employee accumulate similar amounts for retirement? All other things being equal, can they both make ends meet to the same age? After all, the pursuit of financial security should be equally available to all. And it’s this real-life impact that the Department of Finance, focusing on short-term tax differences, has failed to calculate. The government has missed the boat entirely on the question of equal financial security with these proposals.