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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - May 27, 1972, Lethbridge, Alberta 26 THE LCTMIJRIDGt HERALD SnlurHciy, M..y "il 1972 column I. II. ASi'KK The- inoiv i-oM.-uk-is ihe May i; inid'.vt -riven ni Kj- Tianro MmiMr" Turner, (he more lie i H i> ol the mi': fiscal (locumonls in i c- em In many wa> il a major change in I Is Ihru-t as events v. il! r, nower- ful: il n -jn lour Icms. H1 -n1 i- j majhr .social :--Jv' ;i I he yuuMv. ar.ii I -e v lai aiv S c n 11 il, a major Irx i mui'i- niic ijnyAl'i ih'-i :i a cent, LI. I iiiviu'.-'er.u-- in.n and iiviii- Third, a i..i; L-I hpul ;nul 1 ii e rough L'iL': i i ha.-nl; passed 'i1 :-y. -in. lets smash new era Viet Cong tanks iTop space official retires liia; r: '-m Cana- dian lax i.'i- r. arly i: dec rule. IL is this ...vii in v.'.m-h Mr. a a1 mosl piiiriN- ing. Sinto lii" llriniL of ioliuv i.y lii-.- llli'O while mi i'. iTro 'til, which gave b'.iii lu MK- Tax Rc'fnnn 1-ii. lax policy has ii.-. in Hie In iUs such holy grilas as "sym- metry'1 and "neulialii> all to the joy of lax IheonsiS. Can- ada had lost skht nf ihe faoi that period tax .systems :i'.xi attainable oqly in perfect worlds. Mr. Turner appears It) be abandoning! ivory Krvun1 approach in (if hart iiOM-d realism. Tiiere i-> for on (hat ac1 fount muM live and work Ihe (ax i'c- ionn levialbon, IIM p'l omiM'S a conipre- hen-Ue review: "1 want lo as- :-nre this house1 and all Cana- dians lhal il is my itiienlion lo continue to scrutinize the lax reform and lo make .such may he nercssarv IV'.'p liinc lo lime." Alter sn he important by introducing a KumhiT ul amondmenis lo Ihe 1 Vrliii'is liio i- Mini v.'nieii I lie U.xnawr six years lo pay 1'ie eapila! L'ains lax. As v.lien one (li -I. !'i- i. ;i; si-l.- ev.'l-.K.U'd ard if ihev h.'ul ri--cn in ln.ni lhe lime he had .'cii'uiMl Ur-iii, Ills e-v.le v.ouhl Rtuiired lo pa> a cp.pilal (fiin-; lax in eas.ii on the in- crease in value This, ur >iol the asiicl1? v.cre sold Tims, the farmer or small IHI ov. IILT v, ho started his enierpri.se v.'iih an invesL- meni say. and huiH ii la a vidue of by ihe (imc he dietf. pay a 1 lax on S70.- "f.11. If I.? Ihe hirinc.ss oi- larm leu lo his children, (hey nor.ld liavc considerable difficulty finding (he cash lo ihe tax. The. six-year Lime for pay- i mcnt plan i.sn'l a fully ade- quate .solution Lo the problem, parlieiilarly in larger estates I located in provinces heavy Miccfssion duties, hui ii's a >iai'i. The inerensed tax deduction for the elderly and handi- capped, the special ssi) per inonli) dului'lHin lur students, (he nf home nui-.s- infl end Iranspcrtatiun eosls incurred in medical irealmenl, improve Ihe soeial justice aspect of the There is an amendment deal- ing v.illi donations uhen consist of a specific astiL'l ralliLM- than cash. I'nclcr the reform v.lien one made a pil'L to a oriianiv.a- iifin, if ihe in the form til' an assi'i. as an art or parcel of land, (he could claim the dcduciinn. would face a capital lax on ;mv in- crease value in the as-et si nee hi1 acquired it. Thus, il Mm U'.'.Hcd a piece hind thi.i cast SlO.Ouo and you donated it In ihe eily for a park, at a time when it was worth 520.000. you v.oidd face a capital lax on the ndii incr-cr.se in value. Il was fell ih.'it lliis tax im- pediment would di-courage certain charitable activities. Tile anienumenl permits the taxpayer io elect lo treat Hie a.s being valued his cost the nrcpe.'iy. in which case the ajiiount of this charitable deduction would be reduced, but he would pay no capital gains tnx. TVo other amendments are worth nolinp. the reform plan, when one left Canada he had lo pay a capital gains lax on any increase in value his assets have enjoyed since lie acquired them in the case of (lie person who came lo Can- ada for ;t brief period, such as n technological expert for a special project, his departure lax would be based on his world-uidc assets. I It was fell lhal this would discourage talented foreigner from applying their skills io the benefit of this counlry. The amendments says lhal where 1 a person leaves Canada, and I has resided here for less than I Ihrcc of the Hi years preced- ing his departure, there will be no exit Lax. Also, the departure tax rules j have been softened Lo provide j fairer treatment for a regular resident who leaves Canada. j There arc a number of other I technical amendments dealing ivith employee profit sharing i plans, income averaging an- j nuitics, and some fairly sicnifi- cant changes in the capital i gains tax rules relating lo ex- changes of one asset for an- other, such as occurs in a cor- porate amalgamation. Mr. Turner has not in one full scoop cured the many im- perfections in the reform plan. [Ic has made a start and, more important, a commitment to continue the process. The out- look is encouraging. (Mr. Aspcr is a Winnipeg lawyer) SAIGON (AD SoiiiJi Viet- namese forces routed North Vi- etnamese troops from Ihe south- ern half of KonTiim today bnl heavy street fighting raged at dusk in the eastern sector and on the city's northern rim, field reports said. U.S. jets and helicopters. .smashed now North Vietnamese Lank assaults on Konlum and on the far northern front above Hue. In attacks on North Viet- Life membership FORT MACLEOD (Special) record of years of per- fect attendance and active ser- vice in the Fort Maclcod Lions Cluh has Rained A. Nccldow nf Fort Mncleod an j honor ghcn very rarely. lie was recently presented with a life membership by Joo Jordan, president of the There are less than 20D Lions in the world holding such an 1 honor, Mr. Ncddow was honored by i the town of Fort Macleod as man of the year in 19G5. He has been active in the United Church, chamber of I commerce, fish and game As- j sociation curling club, ,J o h n i Howard Society and is past- I chairman of the hospital board. uam, oilier jets wrecked Hie major bridge linking Hanoi's northeast rail line China, U.S. spokesmen said. An air force general said the destruction of the Lang Ciiai railroad bridge, miles northeast of Hanoi, with j laser-guided bombs, impair f? i North Vietnam's movement, oi .supplies into the South to snp- I port its Iwo-monlli-old offensive, U.S. helicopters firing clcc- troiiically-guidcd missiles knocked out four Norlli Vicl- namcsc lanks assaulting the provincial capital of Konlum in (lie central highlands early J latlay. U.S. command said. j Three oilier tanks were reported I destroyed by South Vielnamesu j ground lorces. i It was the second lank assault i in Iwo days on KonUim. Twelve tanks v-'cvc reported knocked out. Friday, 10 of them by U.S. guided missiles. Infantrymen were reported locked in close fighting in the northern and southern sectors ot Konlum. Casualties on both sides were reported to have soared past the vS o u t h Viclnamcsmen said more than 700 North Victnam- esc troops killed since the firsl assault on Konfum Thursday. They said government loses I were 101 men killed and 296 i wounded. WASHINGTON UlculiM-j Dr. Wcrnhcr von Uraun, Ihe German rocket export who mas- terminded U.S. space missions, has retired from llic U.S. Na- tional Aeronautics and Space Administration, it w a s an- nounced here. Von Braun, (iO, switch to private industry July I, NASA said. Von Eraun was deputy nsso- j ciate administrator ol NASA I and chief planner for U.S. space i missions. lie took up his present j post only in March, "I am leaving Llic knowl edge that NASA has enough j well thought onC plans to keep iL moving ahend for many years I to come, even though .some of Llicse may have to he diM-mid because of budget he said lotlay. He will join Indus- (tries, which builds iarcrafL Jaid communication satellites and involved in oilier aeronautical projects, as corporate vicc-prcs- j idcnt for engineering and duvel- I opmcnt i Von Braun was Hitler's chief rocket expert during the Second World War and his V-l and V-2 rockets hit London and other centres. A man of restless energy- who since a boy lias been obsessed wilh the idea of sending rockets to the moon, be spent 10 years al Ilunlsnlle. Ala., directing a team of '1.000 scientists and technicians in building the Sa- turn rockd. He took up his NASA post in Washington the U.S. had already put a ninn on Hie moon, Von Braun predicted that U.S. spaceships would begin explor- I Ihu system ii) the 705. -fames Fletcher, NASA ad- niinislralor, said Braun's deci- sion lo retire from the agency i was a source of great regret. "For more than a quarter of a century lie has served the I U S. ns the lender in space rotkc-t he said. Win pay hike, temporarily SPAUWOOD (HNS) Spar- council members recently voted themselves a raise in pay. They volcd lo increase their annual indemnity from to and Ihe mayor's from to On Ihs day following the deci- sion, district Lorrettu Montemurro said according fo new 1'jgi.ibtion and a change in municipalities act, it has been ncce.csfiry to rescind the liylr.w under which the raise was granted. The municipal act restricts Ihe increase to 6'i per cent. KEEPING HIS SEA tEGS IN SHAPE Gov.-Gen. Roland Michener maintains his physical filness program by jogging nroun'd the deck of the HMCS Mackenzie during his tour of British Columbia. Joining him for ihe morning workout was tl. Mike Walsh. users irdve snown KM; i, u TraiiMjuiVei1. raL-.'d ly-onc ;M s ihe name ol Omeimel nn in nine nii'ier-." otrasion al v.'ilnepses have Inld a Ilou.sc ol sell and once al Suffolk Douns, Tlepro.STitl.-'fM es 'in- P.cnihc vcsliiratiiif: tin1 irllucncc nf m- he snid. has .since lieon ganiy.cd i nir- m p.-nfr.ssion.d Misiv.'ndc'd hv i'hilridelpinii I n u i r e r "fiui P.enil'c ar li'irse lhal uon llic for Ihe 'Pwdii'.l.lnvd llaciiu1 fnirlh rau1 al Ailanlic Cily last Trotc-clive Jinre-iu i i New York. Si-pi. ID aK'o was n "rmgcr." told the tnmmiliif rates oc- The ncv.spaper '-.lirl .stcuards currrd at Jlnvt-l I'.irk in Df'.roil. n: Hie New -lerst-y Irack. follow- in llamp- ;i11 investiga- shire, Suffolk near Immd lhal Xalive ton. in v.'iiiiiir in a pholo finish, was donee. It.I., innl- :i Sia'e niid rcalK a horse Hnlc1 Ailanlic di-, m Liberty Hell in I'mladolphia, On the sleuards Ui'li'iwarc I'ark. Kin.-jda On1-1.n i-.-ned Con three Irack-; Man land nei in ul men lor I heir alleged l.aunl I'liuiifn involvement in I tie traud. 'I'lu: A "rinj.'er m r.icrlraci: IIKHIIP. r idciiiificd Ihem as .John ante, a undei in' llarlfoid. Conn.. P.ernbe. u-i ilu ilaiUhrd v.ere "ai e :uitl I'.iinhc li.ld Ihe HI.HM- .M-Url ivfu ed In di- rommillr" rm crime lhal "six 1'iilge miifh i.ifd: m.ilniii nn h'irr-. ul -uperior mi; abil- i1 in ihe framl. by I; n> "an alii m n-.-.iv- ,n i-n! v mi or five pl.urd. in Fl'.rifla." r.m ai Narrancnn- In n> horses, n sett I'aik .M.jrcb H., Tin; [randidrni Club fo.il rer- lilicak- Ui he ubianu d. l-Iach horse iniisi have ;i which carries his hrivding, sex, color and markings. The horse J also receives n tattoo number i i on its lip thai is on Ihe cerlificale nrc romplclc r.erube .said. Tiie horse J is given bis lip liilloo mini- i bcr !nit carries a'l Hie other in- j I formation relating to an inferior i runner ami is shipped into n Irack wilh the pour horse's In order lo cover Ihe scheme, 'he testified the lesser horse is1 -SOUK limes killed Tnisl Inml lor irr arrun COALDAI.I-: illNS' Mnni- cipalilies may I.S.MIC receipls for 1 charilalile doiialion-, for iticomo lax purple Ai a recent mci lur; u.' coun- cil a was laiiled tn M-l, up ;i IruM fiiiid (or ice arena 1 'I'lic mailer be I nludied. SIMPSONS-SEARS Hard-wearing nylon, the rugged beauty you can install your o-Tancv Free', llic bold prac- lic.ul sliag Tor today's caniiallx conlciuporary Jiomcs. Tough )m- Tirious nylon pile is heal set lor- life, inorc resilience. Sofl n I'OinfortaMr, foam midcrcnshioii is allarlicd. I'erfccl, for living room, fa mil v room, dm. 'J 1-' HI Jibs. J 1 colours. Rcg.59.99 5q Yd. ulianl'. our mn-l. popular lrinl-lo- III. carjirl. 11} Ion piic. foam back Ids you do a ITOfc.-sional joli. Grcal Jor rooms lhal uccil llic loucli oE carpel. 9', 12' vidlhs. 10 1'rnl' i Is name, ll's for liolc-1 mold nsi'. Colouring Icrliniqucs in nrlon pile vibrant aliiuini! alrcaih allarlicd. IJ' S one IOM price Reg. Sq. Yd. Call Our Floor Fashion Consultant Now DUALITY COSTS AT SIMPSONS-SEAHS STORE HOURS: Optn 9 a.m. It, p.m., Thursday nnrl Fridoy 9 n.m. lo 9 p.m. Conlfo nc. Tolophonr 320-9231 ;