How can the government of a modern industrial nation increase its revenue? Finance Minister Douglas Abbott, whose conservative fiscal policies have balanced Canada's budget for the past six years, is unafraid of an orthodox answer: cut taxes. In his 1953-54 budget, Abbott reduced personal income taxes by 11% and corporation taxes by an average of 9% across the board. Last week, after the budget had been in effect for a full six months, he proudly reported that government revenues had increased nearly $90 million over the same period last year.
The tax reductions apparently sent warming impulses throughout the entire...
To continue reading:
or
Log-In
