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A joint meeting of The Empire Club of Canada and The Canadian Club of Toronto.
The government's tax reform proposals unveiled. Answers to the questions "Why tax reform?" and "why this particular tax reform package?" First, a description of how the speaker sees Canada and the shortcomings in the current tax system. The basic realities that shaped the tax reform package. A new system that meets fundamental requirements. Results of reform in personal income tax. Rate changes in the corporate sector. Details of sales tax reform. The two stages of tax reform changes. Improving the fairness of the tax system. Combining the 10 separate federal and provincial sales taxes into a single national sales tax. What remains to be decided. An invitation for the audience to think about the issues and join the debate. Managing the economy in the meantime: current activities of the speaker and his Ministry. Tax reform Canadian style: seeking a balance of diverse interests and achieving an effective result.