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...

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