Page 5 Advertisements Column 2

Press, Volume XC, Issue 27501, 8 November 1954, Page 5

taxis an tux million fN 5 under NATIONAL

The National Government pledged f itself to reduce taxation. It has done so. C I -j—.C In spite of unavoidably heavy expend- 1 ■ iture on defence (£29 million last year), ——Lf ■ on social services, education, works, # I 1 L? S etc., it has cut by £xo6 million the 5 CIJTv , f I amount of tax that would have been f ,s IN I payable under the scale previously .■ BEiutZJLB operating. ■. "TH Qu-. g Unlike the Labour Party, which in- f ‘wwj’' wltl, i chiia n ■ creased tax rates as soon as it took ■ £ ■ office, the National Government lowered K 600 *«. rf. ■ them, and has continued to do so every ■ *OO S 7 * «. i ■ I sss *f 2 I HERE ARE ONLY A FEW f 3 0 9 ? / f OF THE TAX REMISSIONS f ; §* < %> i I SINCE 1949: ... Z 1 £ gf > f ★ Surtax of 33i% on so-called "unearned” income (e.g. savings bank interest) abolished 195 a. jfc 1 Personal rebate lifted from £lO to £l5 (£aj Under Mr. Nash’s rate of taxation, far greater for those over 65). The rebate has now been amounts have been collected in these five absorbed by increases in personal exemption. prosperous years when the national income, and everyone else s has expanded to a record ★ Personal exemption increased from £2OO to extent. The National Government has ended £230 (1953) and to £375 in 1954. Children’s unfair taxation practices. Many thousands of exemption increased from £5O to £75 and wives’ former taxpayers now pay no tax at all. from £lOO to £125. . ★ Income tax surcharge reduced in stages— X 5% to 10%, to 5%, to 3}% (1953), A® abolished altogether this year—a good example sgif g* o’® /f of the National Government's policy of pro- J ••v*’ A* It gressive tax reduction. b •ic Sales Tax removed from a host of items, the g latest list (1954) including sports equipment, jjfijr soap, cutlery, crockery, musical instruments, and . ***♦ lawnmowers. •* Vr '-NATIONALS NX NATIONAL PARTY

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