THURSDAY, APRIL 12, 1979
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+ IT CANNOT BE DENIED THAT, IF EXPENDITURE ON THE MTR PROJECT IS INCLUDED, THE RELATIVE SIZE OF THE PUBLIC SECTOR, SO DEFINED, IS LIFTED: BY 1-1/2 PERCENTAGE POINTS IN 1975-76, BY ABOUT TWO PERCENTAGE POINTS IN 1976-77, BY ABOUT 3-1/2 PERCENTAGE POINTS IN 1977-78 AND BY ABOUT 4-1/2 PERCENTAGE POINTS IN 1978-79 AND 1979-80.
+BUT, QUITE APART FROM THE FACT THAT THE RAPID GROWTH PHASE OF THE MTR PROJECT IS OVER AND SO THE RELATIVE IMPORTANCE OF THE PROJECT WILL TEND TO DECLINE OVER THE NEXT COUPLE OF YEARS, WHY DO MISS DUNN AND MR. LO PICK ON THE MTR PROJECT SIMPLY BECAUSE, AS IT HAPPENS, IT IS A PUBLICLY OWNED UNDERTAKING?+ HE ASKED.
REFERRING TO ANOTHER REMARK BY MR. LO THAT +(ALL) NON-EXPORT ORIENTATED EXPENDITURE IS INFLATIONARY, THE FINANCIAL SECRETARY SAIDI
+BUT, ON A MORE SERIOUS NOTE, IT SIMPLY CANNOT BE DENIED THAT INVESTMENT IN TRANSPORT FACILITIES IS AS ESSENTIAL A FORM OF SUPPORT TO OUR EXPORT-ORIENTED ECONOMY AS IS INVESTMENT IN OFF ICE BUILDINGS, IN POWER SUPPLIES, IN HARBOUR FACILITIES, OR IN GODOWNS.
+FURTHERMORE, IF THE MTR PROJECT HAD NOT BEEN DECIDED UPON OTHER FORMS OF INVESTMENT IN TRANSPORT FACILITIES (E.G. ROADS) WOULD HAVE BEEN NECESSARY, ON PUBLIC OR PRIVATE ACCOUNT, INVOLVING A CALL UPON THE ECONOMY'S RESOURCES.+
TAX PAID BY +SANDWICHED SOCIETY+ VERY LOW FS
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THE FINANCIAL SECRETARY, THE HON. PHILIP HADDON-CAVE, SAID TODAY (WEDNESDAY) THE TAX PAID BY THE +SANDWICHED SOCIETY+ IS VERY LOW BY WORLD STANDARDS.
WINDING UP THE BUDGET DEBATE IN THE LEGISLATIVE COUNCIL, MR. HADDON-CAVE SAID HE WAS PERPLEXED BY THE HON. ROGER LOBO'S CLAIM THAT THOSE BELONGING TO THE SANDWICHED SOCIETY HAVE A VERY REAL RIGHT TO LOOK FORWARD TO A TIME WHEN THE IR TAXES AND THE IR SACRIFICES WILL HAVE EARNED THEM A LESS STRENUOUS AND A BRIGHTER FUTURE.+
+ ASSUME THAT, IN DESCRIBING THE SANDWICHED SOCIETY, MR. LOBO HAS IN MIND THOSE TAXPAYERS WHO EARN FROM ABOUT $3,000 A MONTH TO ABOUT $7,000 A MONTH, HE SAID.
+THE QUESTION IS: DOES THE TAX SYSTEM OPERATE UNFAIRLY, IN SOME SENSE OR OTHER, IN RESPECT OF THESE TAXPAYERS?+
IR. HADION-CAVE