HIGH TAXATION
SOCIAL AND PUBLIC SERVICE
"The tremendous burden of company taxation makes it vei-y difficult to increase our general reserve account, but a sum of £1000 has? been added," said Mr. V. E. Donald, chairman of the Wairarapa Farmers' Cooperative Association, addressing shareholders at Masterton yesterday. "Taxation has reached a very high figure— apart from land tax, costing our company £1690," Mr. Donald explained. "Income tax now absorbs nearly 12s Id in the £, made up as follows: Ordinary income tax, 8s 9d in the £; plus special war tax, 15 per cent.; plus Is in the £ social security tax; plus Is in the £ national security tax.
"If one were satisfied that the bulk of this taxation was to meet war measures, there would be little complaint," he continued, "but such is not the case. Out of a Budget of £99,000,000 only £37,500,000 is allocated for defence and war expenditui'e, whereas £62,000,000 is allocated for social services and public works. This latter sum is altogether too high, and unnecessary expenditure should, under the conditions now ruling, be curtailed as much as possible. The Public Debt, increased last year by about £19,000,000, now reaches the colossal - figure, of £322,000,000." ...
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https://paperspast.natlib.govt.nz/newspapers/EP19401008.2.120
Bibliographic details
Evening Post, Volume CXXX, Issue 86, 8 October 1940, Page 9
Word Count
197HIGH TAXATION Evening Post, Volume CXXX, Issue 86, 8 October 1940, Page 9
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