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aerrfiwmo one vu Cruel joke on Canadians budget comment by Liberal tells Finance Minister reporters as he heads for Tuesdays cabinet meeting that to be finance minister one has to be masochist Crosbie attended the cabinet meeting in Ot tawa only hours before tabling his budget CP Photo OTTAWA Spokesmen for all three opposition parties in the Commons castigated Finance Minister John Crosbies first budget Tuesday night but many reserved their harshest criticisms for rising energy prices It is cruel joke on the Canadian people Liberal llcrb Gray said moments after Crosbie finished his speech It is the budget that stole Christmas New Democrat Bob Rae told reporters It is triumph of dogma over common sense Even Social Credit Leader Fabien Roy had nothing good to say singling out the increase in the excise tax on gasoline and diesel fuel as the worst feature of the budget Meanwhile Liberal Leader Pierre Trudeau and ND Leader Ed Broadbent said they expect their caucuses to vote against the government in budget nonconfidence votes DEBATE NEXT Debate on the budget begins today and the first vote is Thursday night on an NDP motion The budget spccch confirmed earlier reports the govern ment intended to raise the wellhead price of oil and natural gas toward world price levels by 1984 and of an increase in the federal excise tax on transportation fuels to 25 cents gallon To help offset higher gasoline and heating fuel prices Crosbie announced refundable energy tax credit of up to $80 an adult and 830 child each year Opposition critics were quick to say the tax relief would fall short of the extra burden created Its going to cost the average Canadian family in 1980 some $260 said Broadbent Rae said the goyernment is punishing the auto industry and car drivers and Lorne Nystrom tNDP Yorkton Mglville said the excise tax on gasoline would raise food prices However the budget provides for rebate of 10 cents gallon in the excise tax on gas used for farming commercial fishing and urban public transit Trudeau said the Conservatives are preoccupied with the size of the federal deficit and cant understand that the economy has to be stimulated when it is not growing fast enough Jean Chretien former Liberal finance minister said the Conservatives despite their tough talk actually plan to increase federal spending more than the Liberals did in their last budget year ago Lloyd Axworthy rL WinnipegFort Garry said the gov ernment has not yet proven that higher gasoline prices will encourage conservation Art Phillips Vancouver Centre predicted increased labor strife because labor unions will fight for higher wages to keep up with the cost of living as it increases because of higher energy costs Main points in budget By THE CANADIAN PRESS Tax on alcoholic beverages is increased immediately by 11 cents for 25ounce bottle of Ii quor 24 cents for case of 24 regular beer 12 cents for case of 24 light beer 133 cents for most 25ounce bottles of wine Tax on tobacco is raised im mediater by 10 per cent in creasing the price of 20ciga rette package by 25 cents Personal income tax rates are not changed except for new energy tax credit to be phased in over the next two years and giving maximum annual deduction of $80 an adult and $30achild Unemployment insurance premiums for employees in crease next year to $160 from $135 for each $100 of weekly insurable earnings Employer contributions increase to $224 from $189 Takehome pay up OTTAWA CP 1hetederal budget Tuesday night promised no change next year in personal income tax rates but most tax payers should see at least slight increase in takehome pay in January Curbing inflation maior challenge OTTAWA CP Canada faces years of 10percent in flation under federal eco nomic program dedicated to de feating inflation at least in the long run Our major challenge is to bring down the rate of in Cashing in on gold fever OTTAWA CP Canada is going to cash in on the current international gold fever by sell ing one million ounces of the yellow metal worth about $445 million US in the near future Finance Minister Crosbie said in his budget speech Tuesday night that the sale will allow Canada to put its in ternational reserves in better order and will provide more funds to invest in interest earning assets Canada now has 22 million ounces of gold in its inter national reserves They are listed as being worth $1 billion based on an official valuation of about $4560 US an Ounce in stead of the international mar ket value of $445 an ounce Crosbie said some of the one million ounces will be sold to the Canadian Mint for its gold coin program and the rest will go into the open market The amount scheduled for sale equals the average quan tity sold in comparable US gold auctions in recent years flation Finance Minister John Crosbie said in his budget speech Tuesday night But his own forecasts show consumer prices will climb more rapidly than the present annual rate of 93 per cent partly because of measures in his budget that will push up fuel prices and wide range of other costs Even in the best foreseen cir cumstances the inflation rate will quicken to 11 per cent next year and to more than 10 per cent the following year before slowing down somewhat to six per cent in 1985 But if things work out less than the best the rate will per sist in the 10percent range for four years before settling to slightly less than eight per cent in 1985 Crosbie hopes the country will tolerate sharply rising prices and people will remain moderate in their ex pectations their pressure for higher incomes to keep pace with prices without any repeat of the wage and price controls imposed between 1975 and 1978 If the country is as tolerant as he hopes he believes inflation can be beaten in prolonged wrestling match that con centrates on holding down federal spending increases and frees wealth for investment in jobmaking private industry He concedes his policy will be unpopular in the short run and urges Canadians to look to distant silver lining However even the maximum gain falls short of the present and forecast rates of increase in living costs An existing system that ad justs federal tax rates every year in line with inflation will reduce payroll tax deductions in 1980 by amounts ranging be tween few pennies and sev eral dollars week But the maximum tax reduc tion is 89 per cent short of the present inflation rate of 93 and the governments forecast of 11 percent inflation next year Details of the 1980 tax reduc tions under an annual program introduced in 1974 were re ported two weeks ago They indicate for example that income tax will go down by about $2 week for single taxpayer earning about $300 week and by about $8 week for SERVICEMASTER THE NAME FOR PROFESSIONAL LEANING AROUND THE WORLD Carpets Furniture Walls Floorsoryour entire house CALL 4873603 SERVICEMASTER of Barrie 10 discount before Christmas lPhuShuflhaueLo dme andsuocmatcdhxflaeszu seasons best prices The 41 Judo Save $11 on this 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Corporate surtax amounting to five per cent of regular fed slightly married person with two dependent children earning about $500 week RAISES DEDLCTIONS However the new budget raises deductions for unem ployment insurance by as much as $108 more week eral income tax payable is ef fective immediately until Dec 31 1981 Owners of unincorporated businesses will be allowed starting Jan 1980 to deduct from income tax any salaries paid to spouses Courtordered payments to commonAlaw spouse or illegiti mate children become tax de ductible Several tax incentives are in troduced to encourage in vestment in Canadian com panies especially those located in Atlantic Canada and in volved in the fishing industry ENROL NOW Horseshoe Volley Christmas Slti School Racing Comp ago up 835201 THE GOLonusH IS ON Give Someone Special Special Watch Exclusive Agents for It INCORD iiiiiiirrioN Swiss Movement Quartz 14K or 18K gold Space technology centuries of Swiss ex oge perience Prices from $57500 We put as 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