James Earl Lawson
Under section 12 of the
Corporation Tax Act of the province of Ontario it is provided:
There shall be levied a tax of 3 cents, payable by the transferor, in money or stamps, for every $100 or fraction thereof of the par value upon every change of ownership consequent upon the sale, transfer. . .
Obviously if under the law of Ontario and the law of the Dominion the same amount of tax is imposed, then the Dominion treasury must have received the same amount of tax from that source as the provincial treasury, or else some department of the Dominion has been distinctly lax in its collection of revenue.
My other point is this. The hon. Minister of Finance stated that this was not the imposition of a new tax; it was a revision of the schedule. But may I point out to him that this introduces an entirely new principle in taxation, and I should like to hear some statement or argument from him justifying, not the quantum of taxation-that is the part to which all his statements have been directed -but the reason why a larger percentage of tax should be imposed upon the lower priced stocks than upon the higher. I should also
like to ask the minister if he has any precedent for the imposition of a stock transfer tax on an ascending ratio as the value of the stock descends. I have had occasion from time to time to examine the transfer tax laws of the provinces and indeed of some of the states, and if there is any precedent for a tax based upon an increasing ratio on the lower priced stock, I should be interested to know.