Word: abbotts
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...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...
Bearer's Progress. Seldom has a man risen so far and so fast in Dominion political life. Descendant of New England Tories of Revolutionary War days-he sometimes refers to his "New England conscience"-Doug Abbott had nothing to do with politics until he was 41. His career was law, his sports were bridge, golf, curling and fishing. Born in 1899 (at Lennoxville, Quebec), he served overseas in World War I, returned to finish his law studies. By 1940 he had a pretty wife, three children, a medium-sized income in a medium-sized Montreal law firm...