THE POOR RICH.
One of my more statistically-minded partners (says a writer in the "Financial Times") worked out, approximately, a calculation to show what a rich man, with an income of £30,001 a year, would have to invest in the new 3 per cent War-Loan in order to increase his income by no more than £1000 per annum. Taking tax at 16/ in the £, a man would have to buy, at par, £166,000 of the new stock. The gross interest on £166,000 at 3 per cent is £4980. Deduction of income tax at 16/ in the £ would leave him with £1000 net. i
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Auckland Star, Volume LXXI, Issue 217, 12 September 1940, Page 18
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103THE POOR RICH. Auckland Star, Volume LXXI, Issue 217, 12 September 1940, Page 18
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