EST. 1903 - Presenting global influential leaders from business, labour, education & government through events
Fleming, The Hon. Donald M.
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The Carter Report. A Royal Commission to conduct a complete study of the federal tax system and structure, appointed in the Spring of 1962 by the Minister of Finance. The speaker's views: a preliminary review and assessment of the report, necessarily confined to some broad considerations and certain of its highlights. Some background on the Commission and why it was appointed. The terms of reference given to the Commission by the government. The members of the Commission. The staff of expert advisers. A tribute from the speaker to all members of the Commission. The Commission's revolutionary report. The extreme nature of the changes recommended as the greatest obstacle to public and parliamentary acceptance. A discussion of the revolutionary nature of the report. The need for the public to understand what the introduction of a radically new system of taxation will involve. The difficulties which would be faced by the government and the public service in introducing the new tax system. The time required to implement such change. What the recommendations would mean in terms of tax revenue. The Commission's indictment of the present tax system. A more detailed look at some specific recommendations under the following headings: Capital Gains; Employment and Other Income; Expense Accounts; Estates--Gifts and Bequests; Corporations; Banks; Mines and Petroleum Industries; Life Insurance; Charities; Sales Tax; Provinces and Municipalities; Administration; Simplification of Forms and Procedures; Foreign Capital; Balance of Payments; Stabilization Policies; Severability; Conclusion. The speaker's hope that his observations will encourage members of the audience to study "this very valuable, stimulating, challenging and most controversial report. Its importance justifies our attentive study; its contents will fully repay it."