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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 10, 1971, Lethbridge, Alberta ______________________________________________________Wednesday, November 10, 1971 THE LETHBRIDGE HERALD 15 Voice of western ranchers appears to win victory OTTAWA i UP) The voice j western ranchers appeared In i win :it least a small viclury in I he Commons lax debate today, as Hie government agreed lo postpone study of proposed taxes on basic herds. .lack llorncr the proposed tax levy on basic herds could put the Cana- dian rancher at a marked disad- vantage with his U.S. competi- tor. liasic hcrd.v-lhe slock [ruin uhieh heel breeders' and dairymen's profits now ii r c considered much like a capital asset. That means ranchers do not liiive lo pay a tax "ii (hi- in- creased value of the basic herd when it is sold. The lax bill would do away with the concept in the long run. Breeders would have to pay a tax on the profit they make on herds. For existing basic herds, they would pay a capital gains lax on the increased value of the herd between valuation be set sometime this the date of sale. After I1; hours oi debate on the issue the lollowing earlier debate which also dwell on the basic-herd question-Mr. Homer's call lor a postpone- inent of a decision on the clause was accepted by Pa! Mahoney. parliamentary secretary to Fi- nance Minister K. .1. Herison Mr. Horncr said I he proposed lax would hit harder than the lax r.S. ranchers musl pav on i I heir herds .Moreover, he -aid. I'.S. grow- crs enjoy of weather and proximity ol large markets. Not all Canadian ranchers en- joyed the warm winds ol Hie Alberla f r> o I h i 1 I s, he said. Handlers lacing rough winters should gel a compensating tax break. The government was being callous and indifferent lo Hie problem of western agriculture. Westerners were generous bjg-hcarted. but to earn for- ajceness Hie government had to show imprest and concern for their problems. The debate on I he farming clauses came in the course of clause-by-clanse study of !he tax bill. Opposition Mi's also took issue with Hie proposal to im- pose a capital gains tax on farms willed to sons. Harold Danforth Kssex) said building a basic herd takes two or three genera- tions- Paying a chunk of capital gains tax would make it. impos- sible for sons lo carry on devel- opment of the farm. It would also make ii hard lo compete in tougli export mar- sales essential lo Cana- dian agriculture, George ilees Kd- ward-Hastings I agreed that the Japan sells plant TOKYO (Heuter) Japan is lo supply the Soviet Union whh a S12 million synthetic fibre- making plant, a leading trading house, C. lloh and Co.. said Monday. II is I he first textile plant lo be exported io ihc So- viet Union from Japan. bill uould reduce Ihc incentive for young men lo slay on I he farm. The basic-herd proposal. and the capital gains tax on inherit- aiiccs, would seriously damage dairy farming, he said UIKJK co.M.Mrmcic STI DV Wallace Nesbill ipc_0.xlord urged that all the subclaiiso-. in the tax bill affecting fanning oe referred to the Commons com. mittce on agriculture fur studv and amendment. The gmern- menl did not respond. Mr said lax officials in tile finance department don't undersrand farming 2nd had not realized wliai the impact of iheir proposals v.ould be. changes 1 catllemcn lo change Ibeir s slem