Word: abbott
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Dates: during 1940-1949
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...resoundingly good news. For the fiscal year ended March 31 there was "a surplus larger than the accumulated total of all the previous surpluses in our history." It was $352 million, and the national debt had been reduced by that amount-to slightly more than $13 billion. For 1947, Abbott expected the value of Canada's national product to increase from $11.1 to $12 billion. There was full employment, and "prosperity never exceeded in living memory...
...each item of good news, Liberals slapped their desks and Mackenzie King beamed more broadly. But Abbott, like Santa Claus pointing to a bag stuffed with presents, kept his audience waiting for long minutes before he loosened the drawstrings and displayed his prize package: a new schedule of income-tax rates under which "the average amount of tax will be reduced by about 29%. . . . The reduction . . . is as much as 54% in the bottom bracket, but is limited to about 6% or 7% in the top brackets." Half of the relief will apply on 1947 incomes, since reductions go into...
...Abbott grinned as the House roared, and waited patiently for the clamor to subside to let him explain some of his reasoning. The middle-income brackets had been given the most careful consideration because they include so many people on fixed salaries, who have gained least in the economic expansion since 1939. Also, they include young men in science, business and the professions who are most readily lost...
Bearer's Scheme. Abbott's tax schedules are cunningly contrived to meet this border competition. But only in the lowest brackets are they below current U.S. rates (see box). Farther up the scale, they still take more from the pocket than does the U.S. Treasury...
There was nothing else so exciting in Abbott's Santa Claus pack. The rest of the budget contained nothing of note but the promise that the excess profits tax would end Dec. 31. All the excise and nuisance taxes were still there. Cigarets-not even figured in the cost of living-were still taxed at 21?: a pack, about $75 a year for the average smoker. But the immense popularity of income-tax cuts in every bracket was enough to give the Liberals a new hero...