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a Magical tax too good to be true Every now and then someone comes up with an idea that is too good to be true So it is that a reader of The Globe and Mail has devised a plan that would do the job of the proposed goods and services tax fairly and simply The reader who asked that his name not be used has snared his wisdom with business columnist Terence Corcoran Like the GST this magical tax would hit consumption rather than income It would raise the same amount of money the reader figures without all the confusing exemptions headaches and red tape for small business The goods and services tax will be levied at the point of sale The personal expenditure tax or PET would tax gross personal spending a relatively simple calculation that could be handled much the same way as the an income tax return Personal spending would be calculated as follows Total annual income plus any increase in money borrowed Subtract from this any increase in money saved and presto You have total taxable personal spending A flat tax could then be levied against taxable spending in much the same way income tax is charg ednow The delightful thing about this approach is the way it so obviously rewards saving The GST does too but not as obviously The more money save the lower your taxable spending Converse ly the more you spend the more you pay The government objectives would be obvious to everyone to replace the crippling turers sales tax with a much fairer one Like the GST this would be a tax that could be kept in check by spending less Mr Corcoran lists other advantages of the PET over the GST It would be clearly visi It would not seep through into consumer prices boosting infla its effect on the economy would be more predictable than the GST It would be simpler for businesses large and small It could be made progressive by ex emptmg people with low income There would be no need for a food exemption and no need for the cur rent silly controversy over frozen and takeout pizzas Mr Cor coran notes There s more Deductions could be allowed for such things as drugs dental and day care The unfortunate effect of the GST on tourism could be avoided Under the GST Canadians buying abroad would not be taxed while foreigners shopping in Canada would although they could apply for a rebate Under the PET Canadians would pay regardless of where they shopped while foreigners would not As Mr Corcoran points out the PET plan is not perfect It would tax the money people spend on their mortgage loans for example a problem that would have to be resolved Like the GST it would also tax home sales AFTER FIVE THINGS TO DO PLACES TO GO FOR YOUR LISTENING AND DANCING PLEASUREI MAIN ST 8773388 Run your own business Have you always wanted to run your own business The Georgetown Library is offering a four night course called ting a Small Business Mr Ian Donnelly of Bndan Management Consultants will be presenting this seminar on how to plan finance and organize a small business Informative guest speakers and handout material will be included with your registration fee This course will run on consecutive Wednesdays at the Georgetown Library Sept 20 and 27 from Please register early at the Georgetown or Acton Library as space is limited For more in formation call 8732681 Loading trucks need a break Retailers loading and unloading goods by truck in Acton should be given a break by the meter maid Acton Coun Gerald said this week A Jong stretch of road near Mam and Mill Streets in downtown Acton is posted no stopping the councillor said Trucks loading and unloading goods are there for 10 minutes but get stiff fines close to The meter maid is very active in the pursuit of people parking in the wrong area he said It s becoming expensive and is very upsetting to a lot of peo ple Halton Hills Mayor Russ Miller said he was aware of the stopping problems in downtown Acton I think it makes sense he said to post signs allowing retailers to stop their trucks Trucks could unload their stuff and go without being hassled by the meter maid Coun Rennie said THE HERALD Wednesday August Page STORE HOURS 30 m except Thursday Fr day 9 30 m 9 City Styles To Hornet 211 Guelph Street Georgetown NORTHVIEW CENTRE STEVEN C FOSTER BALLB BARRISTER SOLICITOR 37 MAIN ST SOUTH GEORGETOWN ONT L7G 3G2 tel 41 68734961 fax 41 68734962 Georgetown Office Magic on Guelph Street was recently doubled In size so customers now not only can choose from a wide selection of office and art sup plies but also a variety of types of office furniture The store coowners Smith sitting and Doug Smith and staff Joanne Styles left and June Beeny OFFICE MAGIC FOR ALL YOUR OFFICE STATIONERY NEEDS St Georgetown Inc O Guelph Street Georgetown Ontario 3310