Income Tax

Ellesmere Guardian, Volume XLIII, Issue 5256, 11 March 1922, Page 3

Income Tax

THE FIVE PER CENT. REBATE

The attack on Mr Massey by members of the Labour party at their open air meeting held in Christchurch, because he has given a discount of live per cent, off the tax for prompt payment Avas unfair and uttered for propaganda purposes only (says the "Mercantile Gazette"). As everyone, knows thc Income Tax was raised last year on maximum assessment from 7/6 to S/9 per pound, that is an increase of 6 j per cent, aud Avas no doubt | effected for the purpose of giving the finance Minister something in hand mt of Avhich to procure payment of as nuch money as possible on the 28th February. Out of this 6 : }- per cent, he •emits 5 per cent, if taxpayers makei payment on the last day the tax is payible. By this means Mr Massey secures payment of practically all the moneys luo and retains 1:1 per cent. In doing so he has folloAved the practice of difffereut private institutions and so far from being a concession to the wealthy taxpayer, Mr Massey gets prompt cash, pays discount off the taxpayer's own money and sticks to the li per cent, which is all. good business. We think that from a business point of vieAv Mr Massey's action iu allowing the rebate has shown good financial judgment. We arc prepared to criticise in a proper manner Mr Massey's ideas of finance, but. avc are equally prepared to protest against wanton and unjustifiable attacks made upon him, not by Avay of fair criticism but for the purpose only of attracting votes.