PLIGHT OF THE THRIFTY TAXPAYER

Evening Post, Volume CXIX, Issue 31, 6 February 1935, Page 10

PLIGHT OF THE THRIFTY TAXPAYER

(To the Editor.)

Sir,—We hear much of the misfortunes and woes of the primary producer. May I (not a primary producer) recite a few of the disabilities from which I suffer? I have just been paying my unemployment levy (plus Is 6d fine) and have been reminded that on May II have to pay the "emergency levy"on February 10 income tax; at some other date land tax on the site of the house in which I live. lam living on the interest on my savings (savings of thirty years). These savings are invested; partly in a mortgage and partly m preference shares and debentures of sound New Zealand companies. On the former (the mortgage) I have had no interest for eighteen months and I am credibly informed that owing to recent enactments I cannot exercise my right of foreclosure. , The interest on my preference shares and debentures has been reduced by 20 per cent, by Act of Parliament, although the various companies are well able to pay the rate which they covenanted to pay so that what was for me and my family a living income has become almost penury. I would gladly realise my investments and reinvest in some country where pledges are still honoured and contracts are still sacred, but to do so would involve a further loss of 25 per cent, owing to the arbitrary devaluation of my. money by the Government, a devaluation which Mr. Coates and Mr. Lefeaux have told us is to continue indefinitely. I proposed to use part of my capital in.starting my son in life as a-farmer, but find that I should have to pay "gift duty" on the money so used, and in my reduced circumstances I cannot afford to do so. ■ ; I have gathered the capital (a very modest one) to which I refer by thrift and careful living and have ' now reached an age at which' I can': no longer work. I must "grin and .bear it," ,but' I do protest against all' the public sympathy and all the legislation going to the relief of one section of the community at the expense of the! others. My protest is inspired in part by the perusal of the Mortgage Corporation proposals because I feel convinced that if carried out these proposals will sooner or later mean additional burdens upon .the unfortunate taxpayer.—l am, etc.," RENTIER.; Februarys. . - - '