23 Mar 1949
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
Mar 23, 1949
Page
1
The budget plan to end the 4615 cent per bushel wheat subsidy for domestic use in Canada signals a small bread price rise of about one cent per loaf. The Wartime Prices and Trade Board notes flour costs will edge up, yet overall price levels should stay stable with ample canned fruits and vegetables in stock.
Firemen drag the South Saskatchewan River for Brent Olmstead, 2, who wandered from home at 10 a.m. Monday. Police and volunteers, including the South Alberta regiment, guard the scene as Col Buchanan, Capt Sinclair, and Low Pozzi place 30 dynamite charges to break ice and aid dragging.
Ottawa reports retroactive to Jan 1 cuts lifting exemptions to 1000 for single and 2000 for married filers and lowering personal rates. About 750,000 more pay no tax, 1.7 million expected refunds, and corporate first 10000 taxed at 10 percent while others rise to 33 percent. Budget touts $269 million slash with wide relief for workers and small business.
Oil crews fight a wild flaming Central Lac La Biche No. 1 well about 116 miles northeast of Edmonton as fire rages atop the gas source near Lac La Biche town. A relief well is being drilled beside Stanolind Lac La Biche No. 1, while steam at the base aims to tame the fire.
Ottawa tables released by Finance Minister Abbott detail personal income tax cuts for single filers, married couples with no dependents, and a married person with two children of family allowance age. Additional budget news continues on page 7.
Canadian tax reform abolishes a 15 percent transport tax causing potential U S tax shifts. With the border of 4000 miles, travelers could cross to Canada for cheaper rides then re-enter to take American services. U S carriers have urged removal of the U S 15 percent transportation tax.
Effective Gates Ottawa outlines Abbott budget dates for income tax and corporate tax. Personal income tax starts Jan 1 1949 and corporation taxes begin Jan 1 1929. Repeals on soft drinks candy gum immediate. Excise taxes on transportation tickets long distance calls telegraphs and cables are removed immediately. Reductions in excise taxes on jewelry cosmetics smoker supplies luggage pens pencils take effect immediately.
The Senate confirmed Dr. James Boyd as director of the federal Bureau of Mines by a 50 to 11 vote as miners’ walkout intensifies. John L. Lewis denounced the move, calling it a "mockery" and "a slap in the face," while operators remained silent. Boyd, awaiting a $10 000 yearly post, expressed gratification and noted the strike’s impact on mine safety policy.
Ottawa reports a sweeping tax relief plan in Mr. Abbott's pre election budget. Nuisance taxes on soft drinks candy gum and long distance calls are cut with a projected yearly saving of around 79 million dollars. Luxury tax reductions on cosmetics luggage smokers supplies follow, saving about 19.85 million for the year. The changes aim to simplify the tax system and leave more spending money to Canadians.
Ottawa reports net debt has fallen from a wartime peak of 18.421 billion to 11.8 billion as surpluses fund cuts. The 1948-49 year saw a 55 million reduction and funded debt sits at 15.6 billion. Finance Minister Abbott announced in the budget speech.
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