The Monday news briefing: An at-a-glance survey of some top stories
Highlights from the news file for Monday, Oct. 16
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AMID BACKLASH, LIBERALS TRIM SMALL-BIZ TAX: The Trudeau government took the first of several steps Monday to stanch the bleeding from a self-inflicted political wound, resurrecting a campaign promise to cut taxes for small businesses outraged by its controversial tax-reform proposals. Prime Minister Justin Trudeau promised to gradually trim the small-business tax rate to nine per cent by 2019, down from its current level of 10.5 per cent, and also to make further changes to the plan that triggered the angry backlash from entrepreneurs in the first place. Doctors, lawyers, accountants, shop owners, farmers, premiers and even some Liberal backbenchers have denounced the tax proposals, contending they’d hurt the very middle class Trudeau claims to be trying to help. In hope of calming critics, Trudeau also announced Monday he will abandon at least one of the tax-reform elements: changing the lifetime capital gains rule, which is an adjustment intended to avoid negative impacts on the intergenerational transfer of family businesses, like farms.
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