PAGEîQ 10W»NEAY.NWMM 1 519 WITFRE R MORTGAGE INTEREST AND" MUNICIPAL, PROPERTY TAX DEIUCTBILITY- THE P.C. COMMITMENT Recently Joe Clark and his Progressive Conservative Party announced that ifthey, were the Government they would make mnortgage interest payýments and municipal taxes a deductible expense froni taxable income. The basic concept of their program, is that rnortgage interest payments wiiI ha deductible up Le a maximum limit of $5,S0o per annuin in the caiculation of taxabie incomne and wll apply only on the first mortgage, ef a principle residence in Canada, The deduction of both the first mortgage interest as weli as municipal property taxes would be phased in ever a four-year perîod in order to reduce the immediate impact on the federal government, i.e. in the first year 25 per cent of imortgae interest and property taxes wouid ha deductible; in the second, 50 per cent; and the third 75 per cent and in the fourth year 100 per cent of both, up to the allowable limita. ANK IREALTOR, <6(46171 *se# WNITSY, 368-M6 WHITBY RANCH BUNGALOW - $79,900.- One 0f a kind ln N.E. Whltby I s this 3 bedroom Beauty. t has 2 Fireplaces, separate dlnling, 2 Baths, Bulit-In Appîlances In Large Kitchen, CentralI Air' Large Recreation and,.Games Roqm!s and Double - Car Garage, all on 75 x 200 Ft. Lot. See it soon wlth Merv Parchment 668-6111 or 579-0569. 1 JUST LISTED - WHITBY- $58,900 - 3 Bedroom Brick Bungalow ln Sparkling Condition with extra large Kitchen, 2 Baths, Livi ng, 40 Ft. Rec roomn with Spanish Decor and Wet Bat overlaid wlth Stone. Attached carport. To view this delightful Home caîl Merv Parchment 668-6171 or 579-0569. *The mosi. important economijc- flaw inherent ln their programn would be the draptie kbas in federal and provincial revenues. It would aise coati far more than the taxpayers of Canada could afford. It would cost far more than Joe Clark says it would. The cost, acoring- ta Clark, would be a whopping 1.6 ,billion dollars and the spending cut-backs he suggcsts weuld come~ nowherc near to covering that amount. The truc estiniate of Uhe cosi. accerding to Geôvernmà ent off iciais and ou(slde sources indicate that it would be in the preximsty of 4 billion dollars and this burden would rest mainly, on thc shouldcrs of the poor-and tfriddle incemne people rather than thc rich. In the end, it would damage, aillof us alike,' rich and peor, by doing irreparable damnage to the economy. It would be. a high price te pay, for Mr. Clark's irresponsibility and as Bruce Whitestone, a former Tory economnist bas s'tated: 'by making mortgage intcrest deductibie, the. demand for mortgagcs would' inecase se intercst. rates would 'ciimb Iurthcr. The net impact would add te the demand for housing- and 'bost bouse pricqs.' y Not'only does ýIt proveto be an. economnic disadvantage but th 'ere are many inequitiesin the proppsal itself. For example, the dem'and for housing, would be greater and the, average, valueof tax savings would be capitalized into higher; housing prices thereby neutralizing the initial advantage of the tax deductioèn for- prospective home bu3ers. This1 would amiount to awindfall gain for existing homeowners only . Thusised0 reducîng the purchase price by 20 perenht, asstatedby Joe, Clar, the average actual purchase price would increase *significantly making it stili more difficuit for, first-time home buyers than is now the case. The proposai would also'seriously discriminate against the 2.4 million householders who rent their sheiter. It would favour o nly the owners of rentai accommodation. In fact, the proposai. penalizes ail renters. For'exampie, a family of four earning: approximately $30,000 a year and living in the Toronto area would save approximately $2,300 in federal and provincial taxes if they were to own a home *with $50,000 mortgage. If -the family moved into a rentaI, dwelling for whatever reason,,they -would face a tax penalty of the same amount, $2,300. This especially would pose a real hardship for elderly- people. moving out -of their'hom es. >Since 65 per cent of homneowners earn less than $Ã5,00 aý year, as Joe Clark dlaims, the benefits' are minimal. For exaniple, a famiiy earning $15,000 would save $1,563 when the program. is fully -operative while a famnily earning $25,000 'would. save $3,152, or twice as much money. Given the related, inflationary spiral, the low income family would realize no savings at ail especially in view of the need for a large down payment for first-timne home buyers. Is this the equality Joe Clark wants? The proposai would further discriminte against homeowners in provinces where there was a variation in grants to municipalities. To this extent, it is obvious that the, Conservatives and Joe Clark did flot consult with the provinces beforeannouncing this policy. Moreover, the property tax deduction is an unnecessary and compietely undesirable, intrusion in provincial-municipal affairs. As Frank Miller, the, Treasurer 0f.-Ontario says, it would cost Ontario 300 million dollars initially and that the scheme discriminates against flot only renters but also against people who worked hard to pay off their homes and have no interest payments to deduct. Finally, it is interesting to note that if Clark had done his research more thorouglyf he would realize that a similar Guaranteed I nvestment Certif icates NOW 1% 4 WHITBY SPECIAL - $47,900- Just listed, Superb Decor and exceptional Workmanship makes this 2 bedroom Specîal. Large Square Livingroom with patio door, Master Bedroom has patio dloor, Bathroom decorated in Cedar, Kitchen has Oak Wainscotting. See this Gem with Marcia Kozaroff 668-6171 or 655-4239. pol icy «bas ýalready ben rected by the Royal Com mi ssfon on Taxation and, hie se succssful program lni the United States that he mentions, President Jimnmy Carter is now trylng to cancel. iL. Neither senior citizens or a single person wlth a low flxed inceme, nor the newly married couple startlng out ln -an apartinent, will getany breaks in this Clark proposai. Theela absolutely nothing for them. The only people who appear to have- an advantage is net Uic mhan and woman wIi two eilidren who earn $10,000 a year and who own a home whlch la mortgaged and who would get a. tax advantage frein Ibis proposai of approximately $450 but Uie advantage would be given te the mnac who makes $50,0 a year and who bas the same type of mortgage and gets $993 tax advantage or twlce as much. So if you are rich, you geL more. and that seefliato ha good Tory distribution. In a nut-shell, the, opposition lias put forward a costly, inefficient, uà fair and- infiat.ionary way to adjust taxes and deal with housing. COMIN'G E VENTS WELSH HYMN FESTIVAL Masonic Hall on Cochrane A Weish hymn festival Street Nov. 18 at 8 p.m. For called a Gymanfta'Ganu wiîî tickets an 'd information, cal be held at Ail1 Saints' Angli- 668-4134. can'Church, Dundaà s'Street BAAR NDSL West, Nov. 19 at 7:30 pam: The Whitby JALcEte In bisfesivl, he onge- wiil be holding thqir second gation is conducted as a anulbzaradbaesl choir, in four parts.' The on Saturday, Nov. 25 at the hymns to be sung are'old and Whitby Mail from 10 a.m. to well-known, such as Cwm 3 P.m Rhon dda, Diadem and Ebenezer. Hymn sheets will CRAFT SALE be provided which contain A' pre-Christmas craft the words in both Welsh and sale and flea mnarket will be English. held at the Ashburn Comm- On 'this occasion, Ail unity Centre Nov. 18 from 10 Saints' will' welcomne the a.m.. to 4 p.m.. Sewing, Rector and congregation of baking, plants," Indian crafts Dewi Sant (St. David's) -and a lunch counter wilI ha' Welsh United' Church, featured. Toronto. The conductor will L OSSI be Glyn Roberts of Dewi ONTATOU SI lSaint . hsedsm - Kim .Ondaatje, author of la Sants'n heasosted ini- the book, 'Old Houses in larevets n te pstandOfi Ontario', will give a slide and one occasion, St. John the film presentation on the Evangelist, Whitby, acted as buildings featured in. her host,. Mrs. Siciliano, of S t. book, Nov. 15 at 7 p.m. at the John's will be the' soloist 0on Whitby Public Library. this. occasion. She was trained in La Scala, Milan, CHRISTMAS DANCE and has sung at the New A Christmas Dance and CHRISTMAS BAZAAR The Mothers' Auxiliary of the 4th Whitby Beavers, Cubs, Sc 'outs and Venturers will hold a Christmas Bazaar on Saturday Nov. 25 from 10 a.m. to 3 p.m. at the St. Mark's United Church Hall. ST: ANDREW'S DANCE The Canadian Scottish Club of Whitby will present a NOW OPENED HOUE 0F TARU Tealeaves, tarot cards, palms, Astrology & charts. 209 Band St. E., Oshawa <Side door - Studio 609) 728-9970 No one under 16 from 8 p.m. to, 1 ,a.rn. at Whitney Hall at Iroquois Park Arena. The dance is sponsored by the Whitby Iroquois Swim Club and al proceeds will go to the club. Everyone is welcome. For more information and tickets, cal Sandy Pitters at 668-1326 or Tom Golding at 668-9533. FORECLOSURE -SMS Now is the limne to rnake an offer on this very desirable property i West Lynde area of Whitby. 4 beda-ooms,! main floor Family Room with i Freplace 1 1/2 Battis. This house sol<l for over S70,OW 2 Vears ago. Excellent financing available. Cal Garrett Oowker 668-6171 or 668-0063. COMMERCIAL STORE - Main Street location i Whitby. 2112 sq. f t. Asking $64,900. For detaits catil Iay Rogers 668-6171 or 668-4592. WNHITSY JUST LISTEO $.55.- This mIulti-leve3 bedroom home lias to be the hast buy i own. Formai Dining overlooks large Living roorn willi Walkout, Eat-in Iitclien, Walk-in Closets, attacliad gardqe, Fireplace ti unfinished hasamant. Pricad below cost as Vendor lias relocafld. Call Merv Parchrment 668-6171 or ?rVn à 101 Brack St S., Whitby 660-8865 Annual Interest for Five Years VICTORIA AND (REY TRUS 308 DUNDAS'ST. W", Larger Thaus Averi«g itchen. Finish.dfamilyroom, L-sbaped living/dining, 3 gond sized badrooms. A tiarvest goid fricige & stove, are included hin1the #flSonble pior ff "2.t»- For aood valuelet me -£ý*0 'Amr- 77m