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@ THE OSHAWA TIMES, Pridey, December 1, 1967 Business Observers Critical Of Increase -- =» Special Opportunity Seen : | For 1959 Savings Bonds | abor, NV Mr. Sharp said the govern- f, 1959 Canada savings bonds maY|ment will still have to borrow a S | be offered a special opportunity funds next year, though he Fe ee tsaack Mains prune to cut down the total de- ter Sharp said in his budget|mand from this year. | Mr. Sharp said sales of Can- OTTAWA (CP) -- Holders of 'AWA (CP) -- The govern-)hav nt plans discussions with) liar or and management on a vol-|and ii ed hag ge ee BE coe waa president of the| ments two months earlier would speech Thursday. adian Press § r anadian Importers Associa-|simply add 16 per cent of taxes ara | ; is year A "Imagine increasing the price|tion, also thought the budget| payable by redhat in 1968, As of last March 31, uh jada savings bonds pet It ry program Pad _ "ipl ef whisky on St. Andrew's|would spark a spiral of. wage| Most observers welcomed Mr. 574,000 of the bonds sant out-/went well, despite the difficulty ge and price ereens, ae rf Day," muttered a disgruntled|demands, since manufacturers|Sharp's announcement that the standing, an unusually arZe) of selling them at a time of ex- 'ce Minister Sharp told the|whi Scottish tax expert. '"'Anything| might increase prices to cover| government intends to bring in amount for the annual savings). otignally high interest rates. mmons in his budget speech|jud but that!"' the added taxes. ltax reforms on the present bonds. He did not, however, indicate rsday night. tha This was a typical attitude to-| Liquor and cigarette manu-|basic taxation structure, rather _ The bonds bear interest ¥fi|how many were sold. ssailing what he termed|of | ward Finance Minister Sharp's|facturers weren't happf ' with|than adopting the "radically dif- five per cent and have a special) --___~__________ ae early inflationary" wage de-| Hi budget yesterday from business] the 10-per-cent tax hike on their|ferent' approach of the Carter coupon worth an additional) R ' nds and cost increases, he/|"in observers across the country. products, which will add two| commission on taxation. three per cent for investors wo) SELLING you id there will be a determined | ers Generally they were not/cents to the cost of a package of} But some called for the gov- hold them to maturity next Nov HOUSE ? impaign to slow them down. anc pleased, but few were unduly/20 cigarettes and 15 cents to alernment to specify as soon as 1. though Mr. Snare ae dd hat disturbed. | bottle of whisky. possible exactly what reforms it : : The three-per-cent extra was EN LIST WITH s the phrase, officials said he| wh Several admitted they had ex-| "If the market shrinks, Mr.jhas in mind. ~ eh ' offered because the savings TH s referring to some sort of/org pected much harsher tax meas-| Sharp may not get the full bene-| Murray Cotterill, public rela- LEVELLING CRITICISM Thursday night were from (NDP -- Nanaimo-Cowichan Monteith (PC--Perth), act- |bond issue was put on the mar- TRUST delines developed by volun- | str ures to do the job Mr. Sharp/fit of his tax increases in total|tions director for the United] at Finance Minister Sharp's left: Opposition Leader The Islands), Creditiste ing Social Credit Leader |ket in 1959 at a time when inter- CENTRAL ONT. , co-operative action. Ler said must be done: Stem infla-|tax dollars," said J. H. Devlin,|Steelworkers of America; said| ™ini - budget introduced Stanfield, Colin Cameron Leader Caouette; J. Waldo Patterson. est rates were high. "To the extent that we can tion without cutting into employ-|president of Rothmans of Palljflatly that to increase income|~ cee ee 723-5221 pbilize public opinion effective) A ment or causing an economic! Mall Canada Ltd. tax before acting on the Carter! in support of this objective, | the pri pal der : ' : | bed possible chafing between a } : recession. | The smokers' bite cut deeper| recommendations was a "'sell- GM Recalls front-wheel brake line and a WE CHARGE d against the actions of those The budget was '"'a family|because both Rothmans andjout." | ? I 1eT1( x @ BI 7 E 1¢ 4 @) i I le ax fender skirt. Normal operation 0 clearly exploit their market moderate price to pay to sustain|I m pe rial Tobacco increased| Kenneth Carter, who headed @ of the car under the present 0 bwer to obtain inflationary in- 2 857 C conditions, the firm says, could ONLY 4 0 ; ases, then we can have a} che r] ars jeause loss of front braking gher level of employment,| me prosperity,"' noted the former) their prices this week. the commission, took issue with oduction and incomes along/an dirertor of the Canadian Tax) A number of observers took! Mr. Sharp when the latter said Foundation, Ron Robertson. exception to Mr. Sharp's state-|the commission would give Can- \ power. Few thought the five-per-cent}ment that making instalments|ada a tax system "quite differ- I icredase een or DETROIT (AP) -- The Chev-| ith price stability," he said. | the | rolet division of General Motors 'The government is planning) |} pink on personal income taxes/on corporation taxes payable by/ent" from the United States. | would work much hardship on/Canadian companies two|.. is asking the owners of 2,857 organize a temporary pro-|gy' the a perov! taxpavee, But| months sapiier would not in- wi gs a fa WASHINGTON (CP-AP) --jprojected at $4,100,000,000 but|mate, and that such a cutiears to return them to their Le Chalet Dining Room and Tavern am of. this kind--after we' fec several warned that the budget crease the costs of business. ", said Mr. Carter, sever-| While Canadians will pay higher|which Mills said should be|"'would enhance the acceptance|dealers for correction of a vari-| are very pleased to would do little to ease Mr.|ADDS TO 1968 BURDE} |al of the proposals--instituting a) inc c i eS en ae : " Plate i | i Sharp's fears of alg wages. J "The pobre aantedes on| capital gains tax, taxing family (cake wan't ay tiene, oor ta greater; and government opera-jof a tax increase by the Ameri- rs Ray ee 7 Announce the Opening EXPECTS DEMANDS corporations makes it clear this, Units, and lowering personal in-/their income this year but|tions for a proposal, initiated by|can people." No Saulpineat yathinés Havel of the SUR "If it does anything, the tax was a deadly earnest budget," Come tax rate--would bring the/might in 1968 if President John-|Mills, for a commission to make| Mills also gave the adminis-| pee, , nas Egy aah SE : hs Sa P 9 = 5 id rs aretteny " | s sen reported, Chevrolet said. = POMENY SEW VRE de-|commented R. A. Engholm, appanage 4 far more in'son cuts spending enough, sayS/a long-range study of govern-|tration a broad hint his commit-| Fifty-seven standard-sized Le Chalet Banquet Room mands," said Harry Simon, On-/president of the Canadian Man-|!ine With | ectrying note was| tie key,man in the U.S. legisla-!ment programs. ltee may want to see the 1969/Chevrolets are being recalled (Corner of Centre St. and Colborne St., Whitby, j 5 Fly apa the gpgaag! mi eget Association. He, and) oriticism ap inbe-aneuding pov. |ive taxing process. -- Mills said he doubts even his|/budget figures before deciding|for correction of incorrect park-| With two Elegant Rooms To Serve You, Accommodating 300. Songress. C=C OMe thers, said paying instal- l aeameat that had got itéelf Into| Representative Wilbur D./committee could complete its!on taxes. ing brake cable' parts which THE REGENCY ROOM ... . Suitoble For up to 200 Guests, OTTAWA (CP) -- Following|15,( |financial deep water, and now|Muls, chairman of the House of|part of the work by Jan. 1. | "I believe," he said, "'that/could allow the parking brake THE NELSON ROOM . . . Suitable For up to 100 Guests, bles illustrate the effect on/20, was turning to the taxpayer fel Representatives ways and/ Mills said the administration|more , . . information is needed|cable to chafe against transmis- Perfect for Wedding Receptions; Bowling Bonquets, Dances and Service ree classes of taxpayers of fi-| 25, |bail it out. ¢ aoe pecoanetcaggri ge all should be able to cut expendi-/in this area before we can come|sion parts and separate. Club Meetings . . . Book Now For Your Christmas Party -- Call ance Minister Sharp's five-|50, ; | The Canadian Chamber of o% msc gre trit itis cut oe che tures by' $2.000,000,000 to $3,-/fo any conclusions on the tax in-| In addition, 1,700 Corvettes bt er-cent surtax on personal in- Continued from Page 1 iz corporations, will cost/Commerce called the Sidaet si [OFS peggy 4 -- it's ah of the 999,000,000 more than its esti-'crease." lare being recalled to correct a 668-4377 ome tax. Mr, Sharp said a married/#105,000,000 in the next fiscal! jojting remind fw Bo dl RSM gr A GaN 'ood RRS Sc en : man with two children and|year and $139,000,000 in the fol| pens Then the eT a i ola? |the administration's tax bill in a each table, columns of fig [Ine earning $100 a week will pay an/ lowing year. | spends." |the remaining weeks for the ao ; 1 sas bas additional 23 cents a week. Without any tax changes in| Ralph Loffmark, Britis .| current session. ; rst, tota : 3, The increase levy on alcohol the current fiscal year ending|lumbia trade sicher, ania al The Arkansas Democrat's re- Second, present combined fed-| 3, and tobacco comes into effect/next March 81, the government|was a case of applying "olq| marks followed completion of ral and provincial tax, includ- 4 almost on the eve of the Christ-/ Would have a deficit of $830,-/ world fiscal policies to a brand|"iS committee's hearings on Ing old age security tax, in all) 4, mas festive and gift season in| 900,000, based on revenues of/new frontier economy." The|J0ns0n's plan for a 10-per-cent provinces except Quebec, Mani-| 5, which these commodities figure |$9,070,000,000 and expenditures} major problems of government|SUtcharge on income taxes, loba and Saskatchewan. The| 7, large. jnow estimated at $9,900,000,00. | overspending--often reflected in| combined with an administra- e axpayer is assumed to be tak-|10, It will mean an extra 15 cents) The additional revenue from! government programs that were| 'in spending cut plan. g the optional standard deduc-|15, @n a 25-ounce bottle of liquor,|the changes, however, will net/"overstaffed and overpaid" was| In presenting the plan, Treas- ion of $100 for medical ex-|20, nine cents on a 24-bottle case of|the government $45,00,000 this| still to be attacked, he said. jury Secretary Henry H. Fowler benses and charitable dona-/25, "sy beer and one cent on a 25-ounce/ year and bring the deficit down) |said it would be unthinkable not Fiions. 50, Third, proposed surtax: / bottle of wine. All these in-\to $785,000,000--close to Mr to start work on it promptly. A creases are before provincial/Sharp's original estimate in his BUDGET VIRTUES [But Mills let the hearings lapse| liquor commissions add their/regular budget last June of} | without scheduling any working} eS : _. " markups and provincial sales|$740,000,000. THRIFT CAUTION sco: e No dependen Inc taxes. Some reductions in govern- ' NEEDS APPROVAL OF 3 «Present Proposed) The tobacco-tax increase will|ment spending, to be announced) OTTAWA (CP) -- Finance | The tax spending plan would & x surtax ($3, mean about two cents extra on next week by Revenue Minister| Minister Sharp told the Com- |require action by three commit- '| $115 4, a package of 20 cigarettes,|Benson, will reduce the deficit} mons Thursday his budget |tees--ways and means for the 2,500 202 4,! again before provincial taxes. | further. | would "'display those virtues |$7,400,000,000 tax increase; ap- : suesaens : : 3,000 292 5, Mr. Sharp estimated the sur-| In the next fiscal year, Mr.| of thrift, caution and pru- |propriations for spending cuts, { * 3,500 394 7, tax will add $25,000,000 to gov-|Shanp estimated his budgetary| dence" that are characteristic . 4,000 499 ernment revenues this year and deficit will be cut to $80,000,000,| of the Scottish race. . 4,500 612 another $185,000,000 in the next|despite a forecast of a 4%4-per-- His comment came in a Congress Kills 5,000 727 full fiscal year starting April 1.\cent increase in government) light-hearted exchange a few 7,000 1,244 The tobacco and alcohol in-| Spending. | hours before he brought down Tax Surcharge 10,000 2,060 creases will mean $20,000,000) WILL EASE PRESSURE his budget. : more revenue this year and! The minister said the addition-| It started when Angus Ss G eee $95,000,000 in the next fiscal/al tax revenue, combined with a oe Flay icra Poe gaees vin. On Teneatay year. \drive to keep spending to essen-| gnating himself "the self-ap- i CORPORATIONS HIT tials, will ease th ereasae on| Pointed spokesman for one of iecercest arena on ay In another move to increase|Canada's money markets. the two great founding races |in i government revenues, Mr.| He indicated that among goy-| Of Canada" asked why Parlia- unl net obs Se Sharp proposed changing the|ernment agencies that will gei| Ment sat on the feast day of | Chairman Wilbur Mills of the timing of the payment of corpo-\less money next year are Air| One of the patron saints and |House of Representatives ways ration taxes. |Canada and Central Mortgage| not on the day of the other. and means committee told re- The tax rate itself was not al-|and Housing Corp. | The Commons does not sit | porters the issue is dead for this tered, but corporations now will] He promised a program to} on St. Jean Baptiste day, June |<escion of Congress, despite start paying estimated taxes for/mobilize public opinion against| 24. strong pleas by the administra- their fiscal year in the third/"the actions of those who| Prime Minister Pearson |tion's top finance officials for month of the year instead of the/clearly exploit their market| said the government was pay- |speedy approval fifth month. |power to obtain inflationary in-| ing tribute to St. Andrew, the | 'The administration has pro- They will have to complete creases" in prices and costs. patron saint of Scotland, by |nosed spending cuts of $4,- the payments by the second! The program would include| bringing down a budget on his | 199 090,000 to accompany the tax month of the following year, in-|meetings with labor and busi-| feast day. boost : oy of by the fourth month as) ness leaders to work out accept/ Mr. MacLean wondered if -- now is the case. able restraints. the finance minister was hop- Mr. Sharp estimated this He referred pointedly to wiail ing that some of the thrift tra- | NEED FUEL OIL? Grey ADMIRAL CONSOLI Admiral Quality Feat switch will bring the govern-/increases won recently by| ditional to Scotland would rub | CALL ment an extra $290,000,000 next unions. Gains won by labor this| off on the budget. | year. year averaged 8.7 per cent a| Mr. Sharp reminded the PERRY @ 20,000 volt horizontal w Part of this additional reve-| year, compared with 4.4 per| House that. he, too, was of fue, however, will be used to/cent in the United States. Scottish descent. | 723-3443 start paying .back to corpora-| He predicted a moderate in- | DAY OR NIGHT tions the special short-term re-|crease in. total production and|-- fundable tax levied on them injincomes, but offered no hope er m= En ct ~~ = Bol ae @ Instant play TV. @ .Steelbonded wide-angle @ Admiral-built "super sf sures excellent receptic mid-1966. that the unemployment level Mr. Sharp said these repay-| will be reduced, } ments will start next June and| He referred at length to the t | be cleaned up by May, 1970. |six-volume report of the Carter | ® Pig) Foes equal to five perjroyal commission on taxation, nt o poration' "hang. vern- profits cave. the government|ment willtmake next vear in tre. AUTOMATIC, WEATHER CONTROLLED DELIVERY jy $230.000,000 while it was injcountry's tax system 'will be 40 years e xperience--budget plan = @ Front mounted full fide 2 AND YOUR 1 force. It was introduced to cool more in the nature of reforms - the economy, by reducing of the existing tax structure * COAL AND e amount of money business/rather than the adoption of a| M LAUGHLIN | ee uend : radically different approach." ¢ C SUPPLIES. LTD, e YMENTS COSTLY The report, prepared under! * | Mr. Sharp said repayments,/Toronto accountant Kenneth! 110 King W., Oshawa 723-3481 including the five-per-cent inter-\Carter, calls for a complete! est the government Promised joverhaul of the tax system. a & ae = = Pal ee a ay | Be a master Christmas card-sender use the green and white speed labels to bundle your cards Do all your affairs seem to be something extra special? Does the gang like to gather at your place for a few Christmas ales? Keep them happy with a Toby. Its flavour is big enough to satisfy the biggest ale hunger, full enough to feel the way a great ale should. Yet you pay no more for this premium brew than you do for lesser ales. So start your next affair off right. With plenty of Toby.) CANADA} all your cards will get there faster Toby from Carling, Anything less and you're missing alotofale. Big 6 ft. 6 In, Christmas Tree in vinyl, Use yeor ofter year. ..- Each with purchases totalling FOR POSTAL INFORMATION SEE THE YELLOW PAGES OF YOUR TELEPHONE BOOK