REDUCTION IN TAXATION

Taranaki Daily News, 11 October 1928, Page 11

REDUCTION IN TAXATION

NEW SOUTH WALES FINANCE BUDGET DISCLOSES A SURPLUS. £14,000,000 LOANS PROPOSED. By Telegraph—Press Assn. —Copyright. Received Oct. 10, 10.35 p.m. Sydney, Oct. 10. The State Budget will be delivered by the Premier, Mr. T. R. Bavin, this evening. It anticipates an increase of £600,000 to £700,000 from income taxation by an adjustment. The new rate is to be announced in a Bill for presentation to Parliament next month. It is estimated there will be a surplus of £250,000. The Budget foreshadows financial reforms and reductions in the taxation burden this year by over £1,000,000. The amended income tax stands at £250 for those without dependents. The estimated revenue for the year is £21,000,000, and the expenditure £20,766,000. The State public debt at June 30 amounted to £245,000,000, of which -£l,-300,000 will be extinguished this year by arrangement with the Commonwealth. A loan budget to be introduced separately later will provide expenditure of over £14,000,000 in the current financial year. Of that amount £4,500,000 will be for main roads. VERDICT FOR BRUCE WANTED. LIBERATION FROM DANGER. Received Oct. 10, 11.35 p.m. London, Oct, 10. The Financial News says: A verdict in favour of Mr. Bruee will help to liberate Australia from the danger of tyrranny and strengthen the foundations of true democracy. Mr, Scullin’s policy to rely on internal capital can only retard and eripple the country’s economic progress.