BRITISH TAXATION
LABOUR PROPOSALS. INCOME SUPER-TAX FAVOURED. WITH LEVY ON WEALTH. (Australian and N.Z. Cable Assn.) Received February 6, 5.5 p.m. LONDON, February 4. The Parliamentary Committee of the Trade Union .Congress has issued the Labour Party's scheme for reforming the Budget. They consider the excess profits duty results in extravagance, inefficiency, and the. decline ot initiative. A special tax on business firms is also undesirable. The Labour Party consider that the income tax should be the basis of Britain's system of direct taxation, but the exemption level should be raised. Taxes on food, stuffs should be abolished. A graduated levy on all forms of accumulated wealth should be devised, which would raise at least £4,000,000,000, but persons whose possessions are below ESOOO should .be exempted. The reduction of the National Debt and lessened expenditure on the army and navy arc (lie chief means of retrenchment, but there should be more generous expenditure on education, housing and public health.
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Bibliographic details
Waikato Times, Volume 94, Issue 14585, 7 February 1921, Page 5
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159BRITISH TAXATION Waikato Times, Volume 94, Issue 14585, 7 February 1921, Page 5
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