The Canadian Chamber of Commerce, the Canadian Federation for Independent Business and the Canadian Manufacturers and Exporters are among a larger group of concerned business organizations imploring that Federal Finance Minister Chrystia Freeland’s Capital Gains Tax hike be scrapped.

In calling the tax increase “short-sighted” the unified group says it will surely dampen economic growth, and are today sending a letter to Freeland outlining their concerns.

The tax hike was first revealed during the presentation of last month’s federal budget.

The government insists the increase will only impact the wealthiest Canadians and a small minority of businesses, while bringing in an additional $19 billion dollars for federal coffers.