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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 19, 1972, Lethbridge, Alberta Jmvory It, THI LETHMIOM HtMlD Legislation certain of passage Redistribution of wealth in Mexico contained in reform bill By KEVIN M. KELLEOHAN CP Correipondent MEXICO CITY After one year In office, net- ident Luis Echeverria presented to Congress a fiscal reform that reflects the core of his program to force a redistribution of wealth In this country at 50 million. The bill, certain of passage, increases income taxes on those earning more than a year, and raises the tax on Interest from fixed-in- come securities. In a move to please both Industry and the under-em- ployed provincial worker, Uie Mil offers freedom from taxes on dividends reinvested in new manufacturing facilities in regions other than the country's three principal man- ufacturing City, Guadalajara and Mon- terrey. "Tbk will create increased production while lowering costs and prices and increase employment the president said in his mes- sage to Congress, delivered in late November. Incentives alto will encour- age Mexican firms to export. ADJUST RATES Interest rates on fixed-In- come securities were adjusted down by means of an in- creased tax on the high rates now being paid by the central bank and private banks on financial bonds. Government officials noted In a press conference that the measure will encourage more long-term investment while discouraging speculation "which brings inflation with it." The bill is based on pre- vious measures enacted in 1954 and 1965 but never en- forced, due to the country's mid-decade economic prob- lems. The country is in a strong enough position now to begin enforcing the fiscal measures, observers said. Other aspects of the law: personal Income tax to 42 per same corporate maximum. Medical expenses are deductible lor individuals. individual, joint and family minimum deduc- tions. Mexican sav- ings and investment in Mexi- can companies. the probable ex- pected total tax collection this year by about corporate profits more equitably, rather than increasing tax on personal in- come, especially that of wage-earners. demands by in- dustrialists eager to export by increasing fiscal incentives to those exporters. depredation al- lowances and other business benefits. Encourages regional in- vestment to take advantage of natural resources at their source, thus reducing costs of transport to manufacturing centres. A list of urgent problena may be alleviated by the pres- idential initiative. These problems include de- celerated Industrial growth, a sluggish economy in recent months, a high level of Im- ports, missed export oppor- tunities, Inefficient industrial production, a Email internal market, dependence on pri- mary and agricultural exports and inequitable taxation of dormant capital Investment. While capital investment Retail boom on its way OTTAWA (CP) Figures leased by Statistics Canada confirmed that Canada was heading Into a retail boom as 1971 drew to a close. Retail sales totalled 72.8 bil- lion in November, up 17.4 per cent from a year earlier, with big gains in automobiles. women's clothing and general merchandise. On a seasonally adjusted basis, the boom in retailing was felt in all parts of Canada and in all trades. Further expan s 1 o n of con- sumer demand is expected by economists to be a major factor in economic growth during 1872. has enjoyed an increase In re- turn on investment, wage earners have suffered de- crease in real income as a result of Inflation and In- creased prices, observers said. Tbe reform, considered the ir.ost Important since the president took office, has the approval of the influential As- sociation of Bankers, which was consulted on the measure before it was written. it reflects the president's continuing concern for redis- tribution of wealth, and his interest in bringing all sectors of the country into the econ- omy, BANS PB1CE BOOSTS It benefits consumers by protecting against price in- creases. The decree leaves fu- ture specific implementation to special presidential devces tn be spelled out at a later date. Securities which formerly produced a net 8.73 per cent after taxes now will yield a. net 7.62 per cent after taxes, which are deducted at the source of payment. Bonds, financial titles and other types of fixed-income securities whicb earn eight per cent interest are subject to a.two- to six-per-cent tex. The reforms on income tax will not affect most Mexicans, especially farmers and wage earners. They are aimed only at those persons who earn more than a year. This high-income group will be taxed at a new progressive rate of from 36 per cent to 42 per cent, replacing the cur- rent M-per'cent limit. The tax schedule for all other income levels remains on a modest schedule, one of the world's lowest. Another proposal in the president's bill permits deduc- tion of medical, dectaj, hnt- tal and funeral eipenm by the income tax payer, his family and This item is new in Mexfeu income tax legislation. Incentive grants for sawmills OTTAWA (CP) Vanderwell Contractors (1971) Ltd. of Peace River, Alta., has been offered incentive grants totalling for construction of two sawmills in the Lesser Slave Lake area, it was announced today. The mills are to be built at Mitsue Lake and Slave Lake and each are expected to em- ploy 19 persons. VEGETABLES CANNED FOOD Gardenside Canada Standard 14-fl. oz. tin French Cut Green Beans, Creamed Corn, Assorted Peas for 89 C Gardenside Canada Standard 14-fl. oz. tin Harriett Pears, Apricot Halves, Peach Halves or Slices for 95 c FROZEN FOOD BUYS ICE CREAM Snow Star Vanilla, Neapolitan Chocolate, Strawberry Apple Pies Green Beans Reg. Waffles B429 V I Check These Super Savers DRESSING 2. 79' TEA BAGS- CORN OIL OVALTINE Bel Air net wt. slie Bel Air Can. Fey French Cut lO-oi. net wt. pkg. Aunt Jemima or Buttermilk 9-02. net wt. pkg. ToaitmaiUr Frwh 5 I Ikfivl FILLED BUNS tVAr., MIL IV j) T-Bone or Club Steaks Canada Choice Canada Good Beef. Ib. canada Sirloin Steak Junior Turkeys lb 49" Fresh Pork Chops Fresh Pork Hocks lh Canned Picnics Sliced Side Bacon Sweet Cottage Roll Chicken Portions Manor House Frozen Tray Pack Serve on a bed of rice Thighs .b 6w Wings Drumsticks 89C Olympic Brand Quality Meats I Slind Bologna, Chcete, Mac I Luncn meats Pi.wt.pim.nt., Chicken Loaf. 6-01. vac pak ntt wt. pkg. Super laver Liver Sausage Head Cheese CZ cooked Ham Back Bacon SOFT MARGARINE Empress 1-lb. net wt. tub .4.00 PINEAPPLE JUICE Doles, 48-fl. oz. tin COFFEE Reg., Fine or Electric Pere. Mb. tin 99c SWEET BISCUITS Davids Super Mix 24-oz. net wt. pkg. 1C Perky, 15-oz' net wt. tin ;