CANADA: Tax Rollback

Booming Canada, with seven consecutive annual budget surpluses fattening the treasury and national production daily setting new records, last week declared a dividend for all citizens: an across-the-board tax cut in 1953-54. In his annual budget message to a cheering House of Commons in Ottawa, Finance Minister Douglas Abbott rolled the country's tax rates back toward pre-Korea levels. Abbott announced:

¶An 11 % cut in personal income taxes, with more generous exemptions for dependents and medical expenses. The tax bill of the average $3,000-a-year wage earner (married, no dependents) will drop from $175 to $150 (at current U.S. rates he would...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!