SECOND BUDGET

Bay of Plenty Beacon, Volume 2, Issue 200, 16 August 1940, Page 5

SECOND BUDGET

MINISTER'S SUGGESTION CAPITAL LEVY PROBLEMS A hint that a No. 2 Budget this year w T as a possibility was given by the Minister of Health, the Hon. H. T. Armstrong, in a public address at the Waltham School. After defending the Budget proposals, Mr Armstrong said' he was not going to say that more Avas not to be taken from the workers. New Zealand Avould be very lucky indeed if it got through the war with the taxation now imposed. There woukl be another Budget next year—and there might be a Budget No. 2 befoje next year. "They have done that in England already," he said, "and we may have to turn our attention in their direction." Some advocated a capital levy, or, in other words, a property tax. That tax would be difficult of collection and imposition. Money and goods were needed to light the war, and the means of getting the revenue as it was needed were wanted. If half the property in New Zealand were confiscated, it would not help materially. Additional] wealth had to be created before it could be taken. There was no denying that a case was made for a capital levy. "Things arc changing so rapidly," Mr Armstrong said, "that good ness knows what method we may have to adopt to obtain additional revenue next year, the year after, or, possibly, before this year is out"