A NEW PROPOSAL
TO REPLACE INCOME TAX.
LONDON, Ist October.
Mf. P. D. Leake, a chartered acoouinV ftnt andi a recognised authority oh income tax matters, makes an. interestingproposal for a substitute for the income tax, which'he thinks must, within a few years, be abandoned as the main source of the revenue, owing to its progressive failing yieldl. Mr. Leake claims that the Substitute would prodwee an equal yield; without the worst vice of the income tax; —the inequality of its incidence. Of £350;OOO,OOO produced, yearly by the income tax, Mr. Leake estimates that half a million payers with incomes exceeding £500 should pay £325,000,000, while the Jemaiining three million payers should only contribute £25,000,000. He proposes a tax of 10 per cent., on gross production, less all strictly overhead charges. ■
Estimating the country's productive capacity at £4,400,000,000 a year, his tax would yield £440,000,000, and be simpler to collect, since it would involve fewer individual returns.
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Bibliographic details
Evening Post, Volume CII, Issue 81, 3 October 1921, Page 7
Word Count
157A NEW PROPOSAL Evening Post, Volume CII, Issue 81, 3 October 1921, Page 7
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