PROPERTY TAX AND LAND TAX.

Waikato Times, Volume XVII, Issue 1449, 15 October 1881, Page 3

PROPERTY TAX AND LAND TAX.

ADDitKssiNo his constituents in Hawke's Bay, Captain Rusnell said : The Property Tax Assessment Bill was also a mea°ure of great importance ; by tint bill property to the amount of -CD, 000,000 of money held by people outside the colony, would be subject to the same taxation as the propei ty held by those residing in the colony, and by this meane, supposing the tax- to bo a penny in the pound as at present was the case, no less than £45,000 would be added to the Treasury. The member for Napier (Mr Sutton), dealing with the hame subject on a similar occamon is reported to have said : The colonj had now had twelve months experience of the pioperty t.ix, and it had ceitainly not fulfilled the gloomy predictionb of those who said it would stop improvements and the influx of capital Improvements were abundant and substantial, and money was to be bad at unheard of rates. The predictions made Mr Oimond more than two years .ago had proved totally wrong. The statistics relating to this tax might surpiise them. In the colony — excluding natives, who being exempt from taxation did not count — there were 489,000 people. Of these only 22,057, or about one twenty-fourth of the whole paid the tax ; 5417 people paid amounts under £1 ; 9048 paid between £1 and £5 ;32C7 from £5 to £10 ; 2146 from £10 to £20; and 2211 over £20. Theso figures supplied a complete answer to those who talked of the iniquity of the tax. It had been intioduced professedly to raise more money than the land tax, and it had succeeded. By its means £255,000 had been raised in twelve months and ho did not wonder at tho rich men feeling it. A laud tax was unfair in its incidence, taxing the apparent owner of tho soil, and letting the real owner go free. He would advocate the repeal of the present exemption from the property tax, and a provision that no sums under £1 should be collected. In that way an incrcjso in the revenue of £120,000 would be effected, tie knew of an instance whore a gentleman's propeity was valued at £50,000, and on this he paid £208 propeity tax. An income tax taken at G per cent, on the value would requiro to be Is? od in the pound to give an equal yield to the property tax Would Mr Ounond like to pay Is od in the pound income tax ; Mr Ormond's object was to take the grinding taxation off propeity, and put it on to the bone and sinew of the country. Ho (Mr Sutton) would always advocate a system which would place a propoi tionate share of the taxation on the shoulders of the rich.