DEFEATING ITSELF

Dominion, Volume 20, Issue 44, 16 November 1926, Page 15

DEFEATING ITSELF

DECREASED RETURNS FROM RAGING TAXES

A CARNIVAL WEEK COMPARISON

Recently certain Australians ietunUn| to their native land from New commented rather severely on the very heavy tax imposed upon the racint, P lie of New Zealand, in t . ( ’ ln P ari l°, n ,„i' bv the comparative ‘uyUj? 1 *? h ® n tftronise those people in AustraJL wnerthe bookmakers It is P. erb Xndme S nt to ally known, but since the amendment t the Act in 1920, the amount < « ator from moneys invested °n the t<j has been increased from 1-i T* e 15 per cent., by the increase from 4 5 ner cent, in the dividend tax. .wmen became operative at , the „ be^ n “the 19’1 That tax was increased tor i one purpose, to increase the reven™ P J able to the Government, but it < eem that the tax is acting in exactly 'TrobabY/'the biggest racing, week * wU there is racing or trotting for every day of drastic change of tax on the pocke '"MJU how th. ss. Znd 7/per cent, for the racing and trotting clubs). In . that year e vestments for Carnival Week, at: racing and trotting neriod to .£599.217. where,as for the same pe last year the investments only a RR9 n decrease of £213,f)0a« uu of s investments for 1929. the Government took the following moneys. m o" pe? cent, on totalisator and 2J per cent, on dividends. For^the R same - period (Carnival Week) last vear the returns were as follow. 24 per cent, on totalisator ’ nves Jg and 5 per cent on Showing an actual decrease of Aw*. But if the Government has suflorea, the racing clubs of the' <^“ t l r L ra sn ( rf even greater cause for compla the action of the Government w W.O- - the two clubs in question receive 444 941 as their 1920 percentage, but as the result of the falling in , ments their return for Carnival Week last tear only amounted to 428 92(5, of’the Hubs'\vhkb r have” R and means of obtaining the wherewithal to keep alive,