ABOLISHING OF SUPERTAX

Press, Volume LXXXVI, Issue 26125, 30 May 1950, Page 6

ABOLISHING OF SUPERTAX

COMMENT BY MR NASH “ WILL NOT BENEFIT WORKERS ” (New Zealand Press Association) . , DUNEDIN, May 29. Any change made as a result of the Government's decision to abolish the supertax on unearned income would not in the slightest degree benefit the working section of the community, said the former Minister of Finance (Mr W. Nash) to-day. “When Mr Holland refers to messages of appreciation from small investors about the non-application of the special rate for unearned income, he should say that very few working men or women have enough unearned income to become liable for tax at the unearned rate,” said Mr Nash.

The terms of the loan announced by the Prime Minister were, with the exception of the premium of 10s and the shorter term of 11 years, the same as those for loans issued by the Labour Government. The £37,000,000 to be raised during the current year was £1,750,000 in excess of the programme

mJ ln the . Budget last year and £2,600,000 more than the sum actually spent last year on capital works It was interesting to hear that Mr Holland proposes to have something more to say when the Budget is presented to Parliament,” he said “It may be that others also will have something to say when Parliament meets, even before the Budget is presented. What could now be saia is that never in the history of New Zealand has a Prime Minister, while refusing to call Parliament together, placed such misleading propaganda over the radio without an opportunity being given the people to hear the facts from the other side.”