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.. WHITBY FREE PRESS, WEDNESDAY, JUNE 24,1987, PAGE il Refo rm' me ans 'break' f or many -more tax for corporations Large corporations will pay more while low and middle-income ear- ners will pay less under the federal tax changes a Whitby chartered accountant told Chamber of Com- merce members at a breakfast Iast week. Steve Meek of Ward Mallette, one of three accountants who explained the measures in finance minister Michael Wilson's white paper, said small corporations will pay the same while large corporations would pay 1.2 per cent more of their income in taxes. That will make up the revenue lost bv the Rovernment from 'tax breaks' given to low and middl e-in- corne earners, said Meek. He said the reform measures in- clude "anti-avoidance measur es" that would prevent corporations from evading taxes. Under the plan, the corporate tax share of the total tax revenue would increase to 17.2 per cent -by 1991-92 from the. current 15.6 per cent share. Meek said Wilson has introduced changes that make corporate taxation "more complex" but generally maintain the tax rate. "It amazes me that he (Wilson) could stand up and say the changes will simplify tax. That's .just not the case," said Meek. "He still put a lot of bandaidson it (tax system). It's flot anything like I expected. " John Patte, of Deloitte Haskins and Sells, described the reform measures as "a bit of a.disappoin- tment" since taxation* generally remains the same. He added there were few surprises after s0 much speculation about the reforms. He also said there were no proposed changes in a system in which now the one-income family "basically subsidizes the two- income family,. "It- seems like I'm again, basically, going to pay for my neighbor's child care, " he said af-_ ter the meeting. Patte said the sales tax reform outlined in the white paper would correct a "number of basic flaws," including the "penalty" put on ex- ports of goods while imports are favored. But he suggested that ac- tuai implementation of a federal tax change probably wouldn't oc- cur before the next election. "Mr. Wilson talked about political wilI. I guess the next government wil have to have political will," said Patte. Patte explained the three options given by Wilso n on sales- tax reform - a single national sales'tax, (com- bines federal levy with provincial retail sales tax), a goods and ser- vice tax, or a value-added tax at the service level (as in Europe). "'To make dollars, it makes sense to tax services," said Patte. He. said the federal sales tax percent-' age of ail tax revenue has declined to 30 per cent'in 1984 from 40 per cent in 1954. Doug Davidson of Davidson and Smith outlined.changes in personal income tax as proposed in the white paper. Those include tax cuts for 80 per cent of Çanadians in 1988; tax brackets reduced to three from 10 ; personal exemptions and many deductions converted to tax credits. AN, go o»wntowfl FURNITURE & UPHOLSTERY LTD. RESTAURANT *ANTIQUES *NO-DIP CIEEFO UFTDI RESTORED STRIPPINGCHESFODB FTDAL *CUSTOM eREPAIRS (SALAD BAR INCLUI)ED) UPHfOLSTERY eREFINISHINO, A large selection BGF A TI IT EC I of Victorlan parlour - LUNCÙH$5.25 DINNER $8. 99 furniture avallable DINE IN ANI) TAKE AWAY SERVICE 413 UNDA ST.E..AND) MANY SPECIALS . 413 UNDS ST E.107 BROCK ST. S., WHITBY WI-ITBY 668-5481 668-2222 SOFT DRINK itb-l IN DURHAM- COTTS s ài99 AQUA FRESH TOOTH PASTE Max of 3 per customer u6 NON-DROWSY 4 ALLERGY TABS 4 12 Tabs VAPONA insecticide pen f9 9 Kilis on contact SoId for $4.95 _____ NO-AD Suntan creamA 69 wjth PABA 4a 16 oz. Family Size PABATAN 2-4-6.8 2 Suntan lotioný a2 Lotion or 011 NO WAITING . ..NOMALING!I NOW IN STOCK B EL LY BUSTER e FLAR8BUS TER PULL UP STYLE " EXERCISER -FOR. MEN OR WYOMEN. SPRIf'G 6a with - - couponi Iwithout coupon ICoupon exps Juty 30,1987 STYLISH DIFFERENCE 131 BROCK ST. S.,9 WHITBY 666-3767 - «M-" à 1