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4 Tax Memo 1 (1954)

handle is hein.journals/taxmmo4 and id is 1 raw text is: TAX MEMO No. 4 November, 1954 THE ADDRESS OF THE MINISTER OF FINANCE At the closing dinner of the Eighth Annual Conference of the Foundation in Montreal (November 15, 16) the new Minister of Finance, the Honourable Walter Harris, gave a speech which in the brief time that has since elapsed has already made history. Mr. Harris called his speech The Canadian Tax System-Some First Impres- sions as Minister. And true to its title it portrayed with very becoming frankness what one assumes would be the first re- actions of any intelligent person newly arrived in the highest post in our country's financial administration. The tax structure, Mr. Harris said, takes in a great deal of money; the rates are very high; the system is complicated; care must be taken not to destroy incentive. All this was well-spoken and fell pleas- antly on the public ear. In the nature of the present circumstances it was inevitable that these sentiments, in themselves by no means novel, would take on a different significance when uttered by the Minister himself. It would be doing him something less than justice, therefore, to leave the impression that his speech, read as a whole, was capable only of the optimistic interpretation that large tax reductions were in the offing. This would indeed be a pleasant prospect, and to no one more than to a new Minister of Finance. But when one reads all his words it is apparent that if he held out any promise it was a much more sober one than has been suggested by the quotation of fragments of his speech. In response to many requests we repro- duce the text in full in this TAX MEMO. Further copies may be obtained from the Foundation on request. CANADIAN TAX FOUNDATION

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