The problem with your analysis is that many of the people who utilize the loopholes which are the target of these reforms, and save or defer millions in taxes in doing so, take no material business risks, and employ no-one, or very few people.  People take risks to make money, the upside offsets the downside, not tax breaks are needed to compensate for risk. Employing people, that is a good thing, and should be incentivized in the tax system.  None of the loopholes they are proposing to close are based on employing anyone. The big companies in Canada employ hundreds of thousands of Canadians, they should be rewarded for this as well, not just small business.