Can’t Live on £IOO,OOO.
THIE MAN in England with £IOO,OOO-a-year income may now be poorer than a street match-seller. This strange feature of modern taxation is pointed out by a tax expert, who writes to the “ Sunday Express”:—“The income tax and supertax on £IOO,OOO total £61,522. Assuming the income is derived at 5 per cent from a capital of £2,000,000, and that the man does not want to have exactly half this taken by the Inland Revenue at his death, he must pay a further £46,0(X) in death duty insurance. This brings his expenditure to £107,522, and, after allowances, he still has a deficit of more than £5000! It is thus impossible to derive any income at all from his property, and he must spend capital to live.”
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https://paperspast.natlib.govt.nz/newspapers/TS19320331.2.95
Bibliographic details
Star (Christchurch), Volume XLIV, Issue 386, 31 March 1932, Page 8
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128Can’t Live on £lOO,OOO. Star (Christchurch), Volume XLIV, Issue 386, 31 March 1932, Page 8
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