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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - December 2, 1971, Lethbridge, Alberta 32 I'CO'.IDGE HERALD Thursday, December 1, 1971 FOUGHT BACK Mrs. Jeanette Lavell, 28, an Ojibway Indian, seen with her son, won a victory for other Indian women when she regained her Indian status after a court decision against the Indian act. At the time of her marriage, the Indian act said thai any Indian woman marrying a non-Indian automatically forfeits her Indian sta- ny tus, whid women. Mrs. lavell claimed contravened the Bill of Rights by discriminaling against entrepreneur's drawing to close Ily IViIT, .MCKSOX Herald Otl.-iwa Hnrran OTTAWA certainly looks as if the day of the big-time entrepreneur is drawing to a close. Am! morc's ihc pity, even tliouah Finance Minister Benson wouldn't agree. His ncv.- luxation bill will slam rather than s 1 o w 1 y close door on a whole range of opportunities tn make great sums of money quickly. .Some people say in- stitution of a capital gains tax is long overdue. They argue that if a menial laborer has to pay income tax on the lie earns throu-jli Kirrl cal work, then flic fellow who has been making large sums of money simply be investing oth- er siims of money should be "penalized" in just the same way by the government. Others, of course, say that Canada is loo young a country to have restrictive taxation on business. And they say incen- tive will be killed. They have a point, though the disadvantages that come from heavy taxation don't only affect them. Most of the mr.ssive fortunes and enterprises we see today came about because skillful entrepreneurs were allowed to build them up without too much fear of taxation. The Ford, Rockefeller and other empires were built this way. If you were bright enough to make a dollar, as often as not you could keep a dollar not just 55 cents worth of it. Today, of course, things are different. While you can at least, if you really try- make a 'dollar in the business world it is a lot more difficult to keep it. And it is going to get harder. Now there's no dollbl that people v.ho make money should pay taxes on ii. And the more they make the more they should pay. AYiihin reason, that is. For the days when the quick- witted entrepreneur could build up a multi million dollar for- tune without paying virtually any tax on it were probably unequitable. But those dais had their good points, and for many peonle oth- er than the businessman him- self. Without being able to ac- cumulate vast pools of capital the massive industrial enter- prises that employ thousands of people thrcuKhoul the world to- day could n c v e r have been built. So even Ihe worker Ix-ne- filed by low taxation on the wealthy. He had a job because of it. And before long Ihc gov- ernment was gelling a share of it. anyway through income tax on the employee. TASK Today, (hough, it is boconi- ing increasingly difficult to build up pools of capital. In- creasing taxation burdens make it more and more difficult In establish now business. Harder to create new jobs. Fewer new jobs provide less in income tax revenues. In England, after years of seeing the burden of taxation increasing steadily, Prime Min- ister Edward Heath's Conser- vative government has instigat- ed new for lower taxes on savings and entrepreneurial accumulations. For the first time in years there is now a limit to which any man can be. taxed. Basically, the United King- dom has turned its taxation re- form policy in more or less the exact opposite direction to Mr. Benson's road. The U.S. government is going all out to encourage people to create pools of capital and establish new business and new jobs. There must be a lesson to be learned from this. Unfortunately, Canada's new ta-xation laws are going to hit ihe entrepreneur quite harshly. It is going to be more difficult for the young businessman to get his show on the road. Ob- viously, some people who would have gone into business for themselves will now opt for the good salaries paid by the big corporations. But it really isn't good enough. Given the incentive that the tax collector seems intent on taking away, these young executives could be out on their own building up small business, providing more jobs and giv- ing the established companies the competition another govern- ment cabinet minister, Consu- mer and Corporate Affairs Min- ister Ron Basford says he I wants to see. By HAL BOYLE NEW YORK