Kamloops MP weighs in on small business tax ‘reversal of a reversal’
KAMLOOPS — They’re feeling the heat.
That’s what Kamloops-Thompson-Cariboo Conserative MP Cathy McLeod is attributing the federal goverment’s decision to lower the federal small business tax from 10.5 to 9 per cent to by 2019.
“It’s interesting because it was legislated at nine per cent when they took office. They had promised to keep it at nine,” she tells CFJC Today. “And actually the first thing they did was legislate it back to 10.5. So, this is a reversal of the reversal and really it’s something that should have been there for small businesses all along. And of course now they’re feeling the heat and realize that they have to support small businesses in some way.”
McLeod says she isn’t too concerned lowering the tax will cost the federal government around $2.9 billion in tax revenue over the next five years.