PEOPLE'S SAVINGS
SOCIAL SECURITY BENEFITS
The Minister of Finance (Mr. Nash) replied in the House of Representatives yesterday afternoon to a number of members who, during the debate on the annual taxing Bill, had .referred to the unfairness of taxing people who by thrift had saved sufficient to enjoy a small income in their old age though they could have avoided taxation by relying on social security. Mr. Nash said there did seem an element of unfairness, but the Government was operating a method of guaranteeing that the income of such persons would not be less than the social security benefits. . There was a guarantee, said the Minister, that the income from investments would not be lower than that available to old people from social security There was a net income allowance of £136 10s for single persons and £214 10s for a married couple. "I would glory in taking away the means test altogether." added tne Minister, "but it would not be practicable because of the heavy taxation this would involve. It would mean another £31,000,000 of expenditure.
Mr. Nash said he had the greatest sympathy with those people with small incomes who scraped in order to save something for their old age.
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Bibliographic details
Evening Post, Volume CXL, Issue 60, 8 September 1945, Page 8
Word Count
204PEOPLE'S SAVINGS Evening Post, Volume CXL, Issue 60, 8 September 1945, Page 8
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