Margaret Thatcher once said “the problem with socialism is that you eventually run out of other people’s money.” The Trudeau government, as it unveiled its ninth federal budget on Tuesday, seemed intent on testing the truth of that theory, behaving as if there were endless pockets to pilfer.

As expected, Finance Minister Chrystia Freeland’s Tuesday afternoon budget address spelled bad news for some of Canada’s most productive and entrepreneurial citizens, outlining forthcoming tax hikes on corporations and high-income Canadians — notably ratcheting up taxes on capital gains accrued from investment assets like secondary residences.