Fed Tax Hike Worth $356M

Cabinet’s tax hike on family-owned businesses is worth about 90 percent more than the Department of Finance claimed, says the Parliamentary Budget Office. Analysts yesterday calculated an obscure tax rule that took effect January 1 will raise $356 million in new federal revenue this year, not the $190 million reported by the department: “We don’t know if, and how, the Department of Finance scaled its estimate.”

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