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L THE OSHAWA TIMES, Wednesday, March 30, 1966 19) Sharp Plays Reverse Role OTTAWA (CP) -- Times| Now, with the economy oper- | change. Personalities So does tax poiicy. This is about the only way to sum up, in brief, the change in direction in the federal govern- ment's new budget. A year ago, Walter Gordon was calling for new impetus to the economy and proposing tax cuts. Now, Mitchelll Sharp is proposing restrains on the economy and tax increases. In the process, Mr. Sharp has done things that Mr. Gordon couldn't possibly do, given the political circumstances of the day. The new finance minister re- versed the course of the former finance minister. But he did it in such a way that Mr. Gordon, change. |ating at near capacity in most paris of the country, the prob lem is to moderate the expan- sion without severely restricting spending. So Mr. Sharp restored taxes almost to their former 'level--but gave some tax relief to the lower third of income groups. | Mr. Gordon imposed the 11- per-cent sales tax on production machinery. When it was as- sailed by both political oppo- nents and large sections of the business community, he dug in his heels and insisted on its re- |tention. Only a new finance minister could gracefully reverse this stance. Mr. Sharp did it in a} way that fits in with present| sitting in the House of Com-/policy--stretching out the reduc- mons through it all, blushed at/tion so as to encourage industry | the compliments Mr. Sharp showered upon him. What is the effect of it all on the individual and corporation taxpayer WIPES OUT CUT Something like 60 per cent of personal income taxpayers now jforth enjoy the tax relief to postpone investment in new production machinery. EXTEND RELIEF And finally, Mr. Sharp an- nounced that Saskatchewan pot- ash mines using the solution| recovery process will hence-| have to pay nearly as much aS'pranted other types of mining | they did before Mr. Gordon an-|which depend on hoist shafts. nounced the 10-per-cent reduc- tion in basic federal tax pay- able last April. Corporations find that the in- centives Mr. Gordon gave them to invest more in new plant and equipment now are largely cut on their cash profits. The new refundable tax of five per cent on company cash This was 'a long - standing| argument between Liberal Pre- | mier Thatcher of Saskatchewan | and Mr. Gordon, who felt there | was a fundamental difference) | |pipes for the solution process. Some' Saskatchewan potash| profits over $30,000 was de-/fields are mined with the shaft| scribed by an investment ana-|method. Others are better| lyst here as "quite modest and) .uiteq to the solution process. | quite reasonable. | Mr. Sharp told reporters he| intended the whole budget to| Boy, 10, Charged emphasize "a _ reasonable amount of restraint." In proposing that a slice of| In $50,000 Fire corporate cash profits be put in a deep freeze for 18 to 36 months, he wanted "the intent of the measure to be clear," rather than to severely restrict corporate investment of profits. Last year, Mr. Gordon was mainly concerned with encour- aging the economy to expand and come up to its potential capacity to produce goods and services. One of the most pow- erful influences he could exert was to put new spending power to work. He cut personal income|s taxes, increasing the spending capacity of most taxpayers. HAMILTON' (CP) -- A 10- year-old boy has been charged with causing a $50,000 lumber | yard fire here March 9. The boy, accompanied by two other juveniles, was apparently smoking in the area behind Hanford Lumber Co. and set fire to a newspaper. Investigation -by the arson) squad showed the fire in the| newspaper caught in other rub- | lumber and costly plywood) sheeting. RoyNar provides term loans for almost any type of industrial or business project. WRITE...PHONE...OR VISIT... any District Office of RoyNat Ltd., HALIFAX, MONTREAL, TORONTO, WINNIPEG, REGINA, CALGARY, VANCOUVER... or enquire through any branch of THE ROYAL BANK OF CANADA MONTREAL TRUST COMPANY BANQUE CANADIENNE NATIONALE THE CANADA TRUST COMPANY GENERAL TRUST OF CANADA SAVE $ $ ON AUTO INSURANCE } If you are an Abstainer you save up to $22.00 on your auto insurance. "JOHN RIEGER 597 KING ST. E., OSHAWA DIAL ie 728-7567 The Oshawa SKATING CLUB (Adult Section) Invites all interested skaters (18 years and over) to their Closing Session. ® NO ADMISSION Come and bring a friend Thursday, March 31st 8 to 10 P.M. 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