A TAXING PROBLEM.

Hokitika Guardian, 26 November 1928, Page 8

A TAXING PROBLEM.

“Tho total advantage to the cooperative societies over the ordinary trader or over the ordinary company in matters of taxation amount in the aggregate to £U0U,0!I0 a year. What is the broad general position!' 1 Jt is undoubtedly that under the law as it stands at present, and as it has stood for many years, those enterprises which are owned by people wlio are bolotv the income-tax limit—owned by a, large number of persons of whom few are liable to income tax —have undoubtedly an adautage, an inherent advantage, over those which are owned by people who are not below the in-come-tax limit. This advantage, enjoyed with all the formidable power of massed capital on a vast scale, constitutes a formidable menace to the ordinary trader; lint I do not see how you can make any greater change in tho way in which the income-tax laws of this country are administered than if you were to invade tlie primary rights, the primary advantages of those who arc themselves in such a. small way that they are beneath the income-tax limits.”—Mr Winston Churchill. Chancellor of the Exchequer.