TAXING WEALTH

Evening Star, Issue 16335, 30 January 1917, Page 4

TAXING WEALTH

/l () N. J. ALLEN'S FIG UP E,S. T hois', appears to bo some misunderstanding in the public mind as to the levy has been made upon the public wealth by Hie Acts tli.it have been passed since the year began," said the Acting Prime Mmi-tcr ithe item. -J. Allen) to a Wellington ’ I *ost ’ reporter on Satin day afternoon. !* I think the public are entitled to some mtormation. so that they may come to right conclusions noon the matter. It j. easy for 1 hem to lie misled bv want of acuu ni to iit I ovrnalion, “Since the outbreak of the war the Finance Act. 1915, increased the rate of income Fax by extending t?ie graduated rate Irom 1- 4d in the £ to 2s in the £. And m addition it imposed a. further Miprv-lax of 35' per cent, on all Income lax. “The Graduated Land Tax was at the same, time mcro-ifcd by a super-tax of 50 pel- cent, on land other than that u-cd iwbusine--- purpose.-. “The Finance A.-t of 1916 rc-enactcd Urn a.H.ve increased rates, and imposed an additional lax of 6d in Ihe £ where an tCMssioe imoi,, in cxcc-s of £SOO does not exceed £aoo, and a tax of is in the £ where such income exceeds £950, A lurther excess profits duty of 45 nor cent, is :il.-o imposed on the excess of income over Hie year ended March 51. 1916. over the standard income which mav he uaein lone one of the three rears ended March. 1912. 1910, ,191.4. ( want to call attention to (he words . excess profits ’ and ‘excess income.’ O.utaxation is not upon (he war profits a'one • it is upon the war profits and any other profits that may be made, and is, thorelorc. in many instances very much higher Ilia!! ihe lax ou excels war profits. The effect of tho incicase made bv the I'lnance Act. 1913. is shown bv a 'comparison of (he Land Tax and Income Tax collected for the years 1914-15 and 1915-16 as under; T . ' 1914-15. 1915-16. P m! £.99,641 £1.018.556 llK ''’ mc -I-** 510.5.18 1,592,119 1 have asked for some specific instances from ihe Tax Department," added the ■Minister, “ and these arc definite cams of in the operation of the Act of 1916, as compared with -e-Yi--1814-15 ; Collected. To Be Collected. J914-15. 1915-16. £L!dO £52.600 940 9.170 460 2^600 1,860 48,800 40 6.540 G-iOO 5.240 6 550 . 200 1,120 " I ( -'>u t want to sav anv more." s :l | ( | the .Minister, “Let the publi.- read'the figures and judge ftn- themselves."