UNEARNED INCOME TAX
Sir, —The income tax assessment notice reads—“lf the total of the taxable earned and unearned income does not exceed £2OO, the unearned income is taxed as if it were earned income.” For example, a married man with two children and a salary of £570, and with £lOOO invested at 3 per cent., did not pay any unearned surtax last year, and so will not benefit from the Prime Minister’s latest announcement. As the incomes of the majority of taxpayers would be less than those quoted above, the abolition of the 33 1-3 per cent, unearned surtax is a concession to those on high incomes. The Prime Minister professed to be sympathetic towards the small investor, but from all of his actions since he assumed control of finance it is obvious that his sympathies lie with the high income group which financed the National Party’s victory campaign.—Yours, etc, , A BLACK MONTH. May 27. 1950.
[The superintendent of the Land and Income Tax Department- at Christchurch (Mr N. A. Rowntree) had no comment to make on this letter.]
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Press, Volume LXXXVI, Issue 26126, 31 May 1950, Page 5
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179UNEARNED INCOME TAX Press, Volume LXXXVI, Issue 26126, 31 May 1950, Page 5
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