DEATH DUTIES’ BURDEN

Press, Volume XCVIII, Issue 28938, 4 July 1959, Page 4

DEATH DUTIES’ BURDEN

Relief In Budget Sought

(New Zealand Press Association) WELLINGTON, July 3. “There is evidence of continuing restiveness and deep 'concern in many quarters over the present rates of death duties, which were increased under last year’s Budget.” said Mr P. J. Harris, president of the Associated Chambers of Commerce, in a statement. “If one leaves any sort of estate at all, the impact of death duties is punishing. A position is being built up which constitutes a threat which the Government will have to face. What matters is the serious effect on national production, on which our standard of living, as a people, depends. “It is not a question of large or small estates, although it is the larger ones which are worst hit. It is the incentive which is being driven out by the heavy toll taken by the State. “The forthcoming Budget must surely make amends by rewarding, instead of discouraging, useful economic units.

“Many people affected are waiting to see if the existing penal rates of death duty are to continue to operate, in order to decide whether the extra effort, worry and risks Involved in increasing production are worth while.”