COMPARISON MADE
PROPOSED INCREASES IN INCOME TAX Tables issued by the council of the Wellington Chamber of Commerce show at a glance the substantial increases in income tax proposed by the Government. They are as follows: —
“An examination of the figures will ' indicate the increased burden place! j upon the people of New Zealand," the | council states. "Though company tax- j ation increases, small and large alike will have to suffer. This had to be sc if the policy of the Government was to be carried out, for the reason that large incomes of £lO,OOO and over of the private individual even if they were ail absorbed, would be insufficient to meet the needs of the policy that the Government is pursuing.” It is pointed out in connection with the figures relating to the married tax-payer that in order that the table may retain simplicity and because in- j dividual cases vary, no allowance has i been made for income partly earned and partly unearned, or for any fur- I ther special exemptions (apart from the wife and two children), widowed '
mother or mother-in-law, for life 1nI surance or superannuation, except that allowance has been made for unemployment taxation and levy in comI puting the present rates. It is not proposed to allow exemption for un- ‘ employment tax for the current year.
Companies. Taxable Present Proposed. Income Rates. Rates £ £ s. d. £ s. d 300 11 7 6 18 15 0 500 24 7 6 35 8 4 700 41 14 2 55 8 4 1,000 75 16 8 91 13 4 2,000 246 9 2 266 13 4 4,000 812 10 0 866 13 4 5,500 1340 12 6 1535 8 4 7,000 1866 7 1 2245 16 8 10,000 2925 0 0 3750 0 0 Single Taxpayer. Assessable Present Proposed Income. Rates. Rates. £ £ s. d. £ s. d 300 3 9 9 7 16 9 500 14 6 9 27 13 5 700 41 0 9 50 16 9 1,000 79 13 7 91 16 8 2,000 257 14 9 282 13 5 4,000 827 8 11 914 6 9 5,500 1352 4 7 1606 16 9 7,000 1909 16 7 2365 3 8 10,000 2985 6 11 3997 11 8 Married Taxpayer (With two Children). Assessable Present Proposed Income. Rates. Rates. £ 300 500 £ s. d. £ s. d 7 12 2 12 9 8 700 28 6 3 33 3 0 1,000 67 12 0 70 8 0 2,000 238 4 11 248 14 8 4,000 792 4 11 855 8 0 5,500 1314 4 7 1529 3 0 7,000 1874 3 5 2285 5 4 10,000 2956 1 11 minnlinn of th 3936 6 8 fip'iires wih
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Bibliographic details
Wanganui Chronicle, Volume 79, Issue 186, 7 August 1936, Page 11
Word Count
448COMPARISON MADE Wanganui Chronicle, Volume 79, Issue 186, 7 August 1936, Page 11
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