RURAL SECURITIES

Dominion, Volume 18, Issue 191, 8 May 1924, Page 8

RURAL SECURITIES

LAND TAX CONDEMNED FARMERS’ VIEWS UPON TAXATION The burning question. " of taxation Was considered at the meeting of tho Dominion Executive of the New Zealand Farmers’ Union yesterday. The matter was referred to a sub-commit-tee. consisting: of Messrs. A. E. Harding, R. D. Duxfield, G. L. Marshall, ana W. B. Matheson, who submitted the following report:— “We are of opinion that the land tax, being _a form of capital levy, is bad in principle, being a class tax, and we are in favour of its abolishment, and that the income tax should apply to incomes from all sources. We consider that in the event of the land tax being continued, the exemption should be raised to £3O(X), seeing that the income tax exemption is £3OO, which, capitalised, is £GOOO. We consider that the present system of debenture taxation should be amended so as to make the levy the same rate all round, giving no advantage to local bodies or any other section of the community. Seeing that, during the past years the farmer borrower has been penalised under the present system; that the prosperity of the Dominion so largely depends on the primary producer; and that settlement of unoccupied lands is so vital; we consider that if any differentiation be made it should be in the direction of encouraging investment in rural securities.” The subject was discussed at length in committee, with the. members of the 'Parliamentary Committee, Messrs. McLeod, Masters, Sykes, Ransom, and Macpherson. The report was adopted.