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. -, __ --P WW *V'" "e-"'""""""""""--"'"" - 'V ' _ r . * x. _ . f ' AFT" 3 _ " " . o ay-as- ou- O O my S a1 0W1] . And Further Taxes at Fall Ses . Are Expected to End Era of Defi ' I q - --_.r._- Marriage Settlements, Property Transfers . . and Syndicate Units Come Under New . . . . Levies-meta: of Past Fiscal Year Is 0 o o o o . _ Thirty Millions-Ten Million Dollars Esti- mated Revenue Increases for Current Year, Hepburn Discloses in Budget Speech i (For Budget Speech Summary See Pages 6 and 7.) ETERMINED "to pay as we go," Premier Mitchell F. Hepburn announced minor tax increases and N forecast major tax changes and reforms as he i brought down the Ontario Budget at Queen's Park yes- , terday---the first Liberal Budget in thirty-one years. Immediate legislation will enlarge the taxable capital assessed under the Corporations Tax Act, modify the stock transfer tax, place additional progressive taxation levies on all estates exceeding a value of $1,000,000, and Increase the present surtax from 10 to 15 per cent. Property transfers to trustees or otherwise by ways of . marriage settlement will be subjected to a successwn duty. A $10,000,000 revenue Increase is forecast for 1935-36 from all sources. .The Premier declared emphatically that at a special _ sesswn ot the Legislature this coming fall legislation will I be introduced to Impose such taxation as will be required to balance the Budget. Dominion Invasion. . o-i-iii-Premier summed up hi3 itil. remain so until the settled policies of Slashing at Dominion invasion oti marks on Hydro afrairs tersely, say- the Dominion Government are known. the field ot Provincial taxation. the ing: "Having been relieved of its It is impossible to either anticipate t.he. Premier duff". rammed to an In.. 'crushing and impossible burden ttitue- constitutionality or effect of the social . genie tax it th the declaration that "ree contracts). Hydro will go forward legislation of the Dominion Govern- failure ot the Province to enter Ho greater achievements. I am ment. and it remains for us tn watch wield had encouraged these exac- {pleased to reamrm the 'Back-to-Beck and wait. . _ d apublicly owned Hydro policy' as the "Were it not for tTlict expcn l. Th: Premier declared himself at iobiectiVe of the present kiimikistra-,l tum." the Premier declared. "we accor with the principle oi levying tion." I could balance the Budget. The cogs: taxes on large incomes. and at the Premises of Premier Hepburn'sl of diztct relief are to be met out o. ' - time declared that the PY,'," iBudiret speech were threefold: First! current revenue: in thus changing as 'lncel tr1f,citr/nVog'itixat!Ji, It IOntario's public debt ot $650,000,0001, ordinary expenditures the amount a ' -------=-'- _-t_------------------ -- , . ' . w . . t,'; 2. DV municipalities." "costs 82.500 an hour for interest and J:fiti2;saJi"r Jetei,."l" WP, N 93' . ' Ontario's deficit for the last tis_e1/iy,tilyyy.tec' secondly, relief expenses ' d I iid ti ' your. the Premier announced. stood at' alone stood in the way ot a balanced After Fe era ee tons'. , _ "0,699,249-the deficit of "the last Budget: and finally. the Government. "But not for long. Immediately to.- Henry Budget." For the five months 'by adding revenue obtained from new lowing the Dominion Federal election ending at current date. the Premier (sources. was determined to live with- I propose to ask for a conference with revealed a deficit ot 37.449000. and tin its means and balance its Budget. the new Government. of Cana.da, eh (mm: . deficit tor the next full ; "The Government." Premier Hep- wiiicn time I hope to ascertain the fiscal year ot'14.606,000. iburn declared. "should avoid falling texact amount of relief _tsyoe.s.'.-,i1,'ili2, According to Budget ngures an es- Iinto the error that my good friends ithe Dominion Government will be titrated revenue increase of $10,000.- leppcsite have been guilty of, namely. aplfpared "ESPN. . . g 000 will be realized partially by an in- ,of building up a debt year after year. i With the '111 mind, I 309229 crease in Provincial Treasurer's De- fwhich. in the short space of four years'. to call a Special tiesslon film? If; pertinent receipts ot $6,184,000. The added to the gross debt the sum ot ite?,',?,', 1"f introduce 1rili a:§n\\.iu second major item is the gasoline tax, $182.389,000. impdose aged duff; diam [mitt 'ii' rev- on which the increase has been es- "The present situation in respect to, pro util', b)? es din $3: et In the timated at $2,902,000. The Department relief is most perplexing and will; "we .0 11nct _ g q d try at was and Forests will likely meantime we propose to loen. twer? MX t tor an increase ot 8430 ooo: effort toward further reducing ad- the Department of Mines. 8326,000; mltgt,"t,fheocosh,o determine our tlt"drflrgrg, Jrt',','it'trtrga',e,',ii policies with respect to the relation.l ' Cl? men 0 can ship Between the Legislature of Our; mtstteries, '8,6 . Pr mi H ' tario and the municipalities. and ro- l Petey, that former e er "112; view in detail our whole antiquated: but: gttie,ut,t/dia,twi,,e'ahr'.ei' se,',',',?.',' system of municipal government. ', Hepburn cited "improper" bookkeeping i as he punctured "the now defunct l atrrNtm ot the Henry Government." l i i