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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 17, 1971, Lethbridge, Alberta Wednesday, November 17, 1971 THE IETHBRIDGE HERALD 37 Hike estate tax Prof. Bird says VANCOUVER (CI1) A Uni- versity of Toronto economist said here a contest between provinces to lower estate taxes is likely and "there is a strong case for a reaffirmation of the national interest in taxing wealth." Prof. Bird, in a paper pro- speaking about the federal gov- ernment's decision to eliminate its inheritance and gift taxes. Federal officials have offered to help any province wanting to implement such taxes. Prof. Bird, in a paper pre- pared for the annual meeting of the Canadian Tax Foundation, said that "on moral, social and economic grounds, for the good of this country, estate taxes should be raised on large es- tates, not reduced." The member of the faculty of! the university's institute for pol- icy analysis was the first of about 60 tax specialists schcd- iiltd to speak at the three-day meeting. The federal decision to drop its death tax program was tied with its plan to implement a capital gains tax. Gains on capi- tal assets would he taxed at death. Federal officials have said the estate taxes were an insignificant portion of total tax revenue. CAUSE FOR CONCERN Prof. Bird said the amount collected through inheritance taxes is not as important as the goals to be achieved. The high concentrations of personal wealth in Canada are "matters of social concern." In the fiscal year there were Canadian estates subject to the federal estate tax with total assets of about bil- lion. Ninety estates had assets of more than million each and accounted for million of the billion total. The effective tax rate on these estates was 18 per cent, he said. "The evidence, inadequate as it may be, is thus that relatively few people are subject to the estate tax, that these people hold a great deal of the national wealth, which is most unequally distributed, and that the taxes paid on these estates are not particularly heavy." Because capital can be moved easily between provinces, he said, it is likely that provinces will compete to attract wealthy residents through lower inherit- ance taxes arid tills would be a contest which would only benefit the wealthy. Air pact signed MANILA (Reuter) The Philippics and Australia signed Monday their first civil aviation agreement, the Philippine for- eign office announced Under the agreement, the Australian government will allow the Phil- ippine airlines to fly to Port Mo- resby, Sydney and Melbourne, while the Philippine government will allow Qantas to continue its flights to Japan and Europe via Manila. EATON'S Self-cleaning oven makes Moffat cooking fun Sale, model 30T89, white Gourmet cooking is fun. A juicy roost self-basted on the rolisserie is very, very tasty. Cleaning the oven afterward can ruin your digestion. With tho Moffat 'Epicure' working for you, all you have to do is set the dial and in just two hours your oven is sparkling clean again. Nothing left to remind you of the gloops, glops and splochs but a small amount of ash! But this is not all Iho 'Epicure' can do for you. In addition to the rotisserie you get a miiwte- watching automatic oven pre-heat; variable broil control and con- tinuously-vanablo clement controls. Plus spacious slide-out storage drawer) two appliance outlets, one timed, one! o recessed, spill-catchina recessed top. ll mptnurcs, 30" wido x 28" deep and high. Mtikr ilin 'Epicure' you own persona! treasure. It's a great price. Mojor Second Floor BUY LINE 328-8811 At EATON'S Christmas Comes To Life! Shop Eaton's Thursday and Friday from 9 'til 9 coat fur trim S Imaginel You con buy a beautiful Winter coat, with glamorous fur trim for only 59.99 at Eaton's. Don't miss out on this great opportunity! Choose from assorted styles, one midi for juniors and below-the-knee coats for misses. In all-wool tweed or gabardine. Every one lined with satin, interlined with chamois to keep you toasty-warm. Hurry for your new coat Thurs- day at Eaton'sl (A) Juniors' midi coat in wool tweed, trimmed wth shaggy lamb. As- sorted colours. 7 to 15. (B) Misses' below-fhs-knee coat in wool gabardine. Mink collar. Assorted colours. 12 to 20. Women's Coals, Main Floor (C) Misses' wool tweed coat wil'h Rac- coon collar. Below-the-knee. As- sorted colours. 10 to 18. Buy Line 328-8811. Shop Thursday and Friday 9 'til 9. Use your Eaton Budget Charge ;