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The great national tax revolt will fizzle by Christmas.

That may sound a bold prediction, given the way the Liberal small-business tax reforms are dominating the political conversation — but hear me out.

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The Liberals are intent on changing the rules that allow small-business owners to defer taxation by using private corporations to make passive investments. The Conservatives have leapt on the issue, suggesting all small businesses will be hit including mom-and-pop firms and farmers.

But, as will become clear when the government releases its refined proposal later this fall, very few individuals in these categories will be affected.

Of the 1.8 million private corporations used to save on personal income taxes, just 36,000 hold 80 per cent of the taxable income. The numbers suggest a massive concentration of wealth in just 2 per cent of these vehicles.

According to the Department of Finance, only 300,000 private corporations report some kind of passive investment, and half of those don’t make enough income to be impacted by the reforms.