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One of the basic principles of a western democracy is that no one is above the law

Gerald Butts, the PM’s senior political adviser, reportedly said “there’s nothing better for a populist than a rich guy raising taxes on rich guys.” But the seriously wealthy find ways to shelter their earnings through a myriad of domestic and offshore companies and family trusts. So the Liberals’ tax proposals are the opposite: rich guys raising taxes on the other guys, while protecting their own “family fortune,” as Trudeau calls his. That is a prescription for popular resentment.

I am not implying our two politicians are evading taxes, which would be illegal. However, they refuse to answer questions about the techniques they employ. So we can safely assume their business affairs were arranged to minimize the family tax burden. That their assets are held in a blind trust is irrelevant.

The problem is not the use of tax exemptions or deductions to lower personal rates. Taxes are too high and undermine investment, savings, economic growth and employment. But it is hypocritical that the Trudeau/Morneau talking points reprimand those who are less well-off for doing what Trudeau and Morneau do even as they deliver their moralizing lectures. What is provoking outrage is that they plan to hammer the self-employed by changing rules everyone had been encouraged to follow.

One of the basic principles of a western democracy is that no one is above the law, regardless of their wealth, power or position. Politicians amending the tax code so that it applies to others but not to themselves, their families or their country club buddies reeks of self-interest that breaches the social contract. As it sinks in that our political leaders are feathering their nests while making life more difficult for the rest of us, the political Teflon will rapidly wear off. Former prime minister Jean Chrétien used to say it is never too early to save a drowning man. Now that the deadline for consultations on the Liberals’ tax-reform proposals has expired, it is very late.

Joe Oliver is the former minister of finance and is chairman of Echelon Wealth Partners Inc.