INCOME TAX

Gisborne Times, Volume LXX, Issue 11196, 3 May 1930, Page 5

INCOME TAX

PROPOSED' BRITISH. INCREASES CONSER VATIVE A M EN DM ENT CHANCELLOR ATTACK S TORIES MOTION REJECTED United Press Assn, by E 1 Tel. Copyright (Received May 2, 5.5 p.tn.) LONDON, A lay 2. In the House of Commons during the Budget debate, Mr G. Kentoul (C.) moved to reject the proposed increased in the. standard rate of income tax. Mr J. J. Albany (C.) in seconding the motion, said the increased taxation was driving capital abroad. Aid- A. J. Boothby (0.) said that the gilt-edged market had practically collapsed sinee the Budget. The Chancellor of the Exchequer, Aft; Phillip Snowden, said that he had received many expressions of approval of the Budget, even from supertax payers. The previous Government was responsible for most ol the items of increased expenditure. The Tories’ policy was what was called l: ‘a broadening of the basis of taxation”, in other words, relieving. the rich and overburdening the poor. The revenue from customs and excise amounted to £250,000,000 yearly, four-fifths of which came from non-income tax payers. Though America and Germany were reducing taxation they' had six and three million unemployed respectively. The be-whiskered argument about capital being drawn abroad was fallacious. Neither the high income nor the super-tax had this effect. Despite the Budget’s alleged disastrous effects on national credit, the bank rate to-day was further reduced, which every financier would admit, was partly due to his method of dealing with the debt. Air Winston Churchill (C.) said that Air Snowden had revealed the spirit of class warfare, aiming not at tho immediate, but the steady transference, of wealth, till capitalists were entirely eliminated. There wa c no wonder that trade recovery was slower and more painful in Britain than in any other country since the war. More than half the increased income tax was duo to increased doles to those unemployed who wore not even asked to say whether they were genuinely seeking work. The amendment was rejected by 255 votes to 139.