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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 1, 1971, Lethbridge, Alberta CAGE 2 .._ Politicians hard people to convince B.v P.U'f, JACKSON Herald Ottawa Bureau O'lTAVVA It's often been that if businessmen oper- ated tiinr companies the way pylitic-lan.s run a government Ihere'd he a substantial in- in bankruptcies. If can assume that many politicians would admit to that little sL'i'ement being (rue, then it is unfortunate that more poli- ticians don't listen to what more businessmen have to say. For example, there must be some truth in the premise that oppressive taxation does kill in- centive to some degree. Incen- tive usually provides capital and er.pil.al provides jobs. So to kill incentive certainly chops down on opportunities for all not just the entrepreneurs who can usually be counted on to survive in one form or an- other. With all tire submissions by business organizations pointing out harsh restrictions in new taxation legislation, it is a pity thai the government doesn't ap- pear to be taking much notice. Take the submission by the Institute of Profit Sharing. This organization promotes, in one form or another, the ideal of profit shoring. The changing times and the changing face of capitalism has brought profit sharing plans to a great many companies. It's one way of giv- ing a good employee added in- centive, it probably aids in a more equitable distribution of Hie wealth. In fact, some econ- omists predict that the profit sharing concept and its re- lated ideas are the biggest wer-pons free enterprise has in its battle to discourage social- ism. So, for many reasons, you'd think governments would want to encourage the profit sharing idea. But, as the Institute of Profit Sharing has pointed out to the Senate banking commit- tee, the new taxation 'reform' provisions do anything but en- courage this concept. COPP'S A pci CHUNKY HEELS A large selection of styles and colors to choose fiom. for the Ladies! JENNY-LEE SHOES Va iot'S slyles some we look in black or brown, DRESS SHOES ONE RACK! Reg. Io 16.98 PRE-CHS1STMAS SPECIAL 7. WINTER BOOTS Ankle height Io over the knee styles in suedes leathers and wet look. Red, white or black. Various styles. Also available HANDBAGS in a varicfy of materials and THE SHOE IV1AN COLLEGE MALL PHONE 328-1567 Take the profit sharing scheme where employees share in Uieir company's profits by taking a lump sum payment on retirement. This scheme has much to commend it. Over years it encourages employees to work harder so that Uieir company will flourish ami their lump sum be gcaterr. When the company flourishes it provides more jobs ami pays more taxes. The employee, too, assures that lie win be unlikely to be a drain on government welfare funds on retirement. So he saves the gov- ernment money there. In fact, often he'll start up a small en- terprise with his lump sum pay- ment and so give the economy a slight spur. So you'd think tire govern- ment would be all for encourag- ing this type of a profit sharing venture. Hardly. In fact, as the institute's chair m a n, R. A. Campbell, points out, the nexv tax bill provides heavier taxes as some might say 'penal- lump sum payments m ade under deferred profit sharing plans. Under current legislation, for instance, employees can aver- Athabasca oil developer dies in U.S. ARD.MORE, Perm. (OP) J. Howard Pew. American pet- roleum pioneer and principal developer of the Athabr-sc-a oil sands in Alberta, disci at his home here. He was JJ9. Mr. Pew, chairman of the executive committee of Sim OiJ Co., had numerous friends in the government and business community of A Inert a and had spent many of his holidays at .Jasper Park I.odge. H was Mr. Pew's personal in- tercut in Alberta and his know- ledge of the potential of its northeastern oil sands that sparked Sun Oil into opening the first commercial plant at Fort McMurray. ;tgc their income for tax pur- poses over their last throe working years when they get a lump sum payment. The new bill changes this so that em- ployees will be virtually forced to buy an asinuity with their nest egg. Mr. Campbell and the insti- tute vice-chairman, H. A. King, a Simpsons-Sears vice presi- dent, say that most people take the lump sum ralher than get an annuity in order to start a small business. Few squander the money in reckless living. Says Mr. Campbell, "This may well be the doom of this concept of prcfit sharing. A con- cept which has been a very positive influence on economic growth." Both men say that given a lump sum on their retirement most former employees again become substantial tax revenue producing members of society. The new tax rules would cut back on this in the long run. All employees arc not able to take part in profit sharing schemes. That's a pity. More of us should. But we should hope that for various reasons the federal government will take a more sympathetic look at the provisions in this area. 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