LEVY ON PRODUCTION.
A SIMPLE PROCESS. INCOME TAX SUBSTITUTE. LONDON, Oct. 2. Mr P. D. Leake, a chartered accountant, who is a recognised authority on income tax (matters, makes an inter- \ esting proposal to substitute a tax on. production for the income tax, which, , he thinks, must within a few years be abandoned as the main source of revenue owing to its progressively failing yield. Mr Leake claims that the substitute would produce an equhl yield .without the worst vice of the income tax, the inequality of its incidence. Of 350 millions produced yearly by the income tax, Mr Leake estimates that 500,0PP payers, with incomes exceeding £500. pay £325,000,000, while the remaining 3,00(1),000 payers only contribute £25 millions. He proposes a production tax of 10 per cent, on gross production, less all strictly overhead charges. He estimates the country's productive capacity at £4,400,000,000 a year. His taoc, he claims, would yield £440,000,000, and would be cheaper and .simpler to collect since it would involve fewer individual returns. —A. and N.Z.
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Northern Advocate, 4 October 1921, Page 5
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171LEVY ON PRODUCTION. Northern Advocate, 4 October 1921, Page 5
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