THE BUDGET.

Dominion, Volume 2, Issue 513, 21 May 1909, Page 5

THE BUDGET.

RENEWED ATTACK ON DEATH DUTIES. TAX ON OAPITAL. APPEAL FOR DEFERRED JUDGMENT. (lit Tni.Eiiitu-u - ciik»« i&iiiruTinN-f.iirrKiuuM. '■; ' (Rec. May 20,'10.25 p.ni:) .' _' ,■''"■ Lpndon, May 20, lho debato on tho Budget proposals .was resumed in tho House of Conymons. Thp increase in tho death duties was severely criticised on the ground that jt was taking money from tho capital required to promote industry and agriculture. ,'-The Attqrncy-Genqral (Sir Wm. Robson) declared that the prppor tirpe. for lamentation would bo when the' expenditure wag proposed, not when thp taxes wcro voted. [The recent bankers' memorial argued that tho great increase in tho death duties and ini come tax will prove seriously injurious tacommerce and industries. The death duties are really paid out-of capital, and therefore: there is a danger of capital being reduced below the point'necessary to the trade in which it ia employed.' Tho prosperity of all classes being greatly duo to the'fact that the country Has afforded indisputable safety to capital, tho signatories would deeply regret if this conviction were in any way weakened ] ESTIMATED YIELD Of NEW TAXES, TOBACCO.INDUSTRY /. London, May 19, Mr. Lloyd-Geqrgp, Chancellor of the Exchequer, estimates that the now estate duties will, aftcrlDlO, yield £7,425,000, and the additional income tax £6,720,000, of which: £2,200,000 will bo raised through the supertax. The income-tax, abatement of £10 per child will amount to £640,000. The Marsunfa Company, of Congleton, Cheshire, has discharged 650 cigar-makers, owing to the Budget disorganising and dislocating their industry. ;•' , [The Budget proposed that the income tax or incomes earped below.,£2ooo would remain at 9cJ., holqw ,£3OOO at. Is., and ahove at Is, 2d. A further, supertax pf 6d, would be imposed on incomes of' over ,£SOOO. There would be an abatement pf £W per child on all ohimreu under 1Q in- .respect, of incomes under ,#0,0,] ;• ~;.;.. . ' ,;:'.