One area where the 70 per cent applies is on death.  They propose to eliminate both strategies which are currently used to avoid double taxation on assets held in corporations, so it's 15 per cent when you earn the income, 25 per cent when you die, and another 30 to withdraw the funds.  Voila --- 70 per cent.  If Morneau knows this, he needs to be called out on it.  If he doesn't he needs to get somebody who actually understands taxation to rewrite the legislation.