HIGHER INCOME-TAX.

Manawatu Herald, Volume XXXVIII, Issue 1566, 20 June 1916, Page 2

HIGHER INCOME-TAX.

SIR JOSEPH WARD proposes I.) mill to (lie income lex revenue of tho current year £70(1,000 by :i special t;ix of r> per cent, upon :ill taxable incomes. This means that on incomes exceeding £.‘{oo there will lie a speeial war levy of 5 per cent. on the taxable portion of the ineonie in addition to the income lax and super lax paid this year. The following table, drawn up by the Auckland Herald, shows the rate of ineonie tax levied before the war, 1 lie rale levied last year and the new rate forshadowed by the T’udget : New Pre-War. Last Year. Rate.

There :ire, of ciiniso, many gradualiuns lu‘l ween Ihe figures given, whieh ;ire selected ;is illusj r;i I ive of the whole incidence ol’ the taxes. Tlu 1 elVed of I Ik l two wnr Budgets is :i wnr tax ranging from Is 2d in the € on Iho lowest of the taxable incomes to 2s -lil in (he € on (lie highest Inxnhle incomes. Whilst thus drawing upon income taxpayers for n considerable share of the wnr costs Sir Joseph Ward has removed the old standing grievance regarding double income lax. In view id' the hi”h (axes now payable in Britain and the proposal in New Zealand (his is a very necessary concession.

s. d. s. d. s. d. C.400 to £701) 0 () 0 M 1 s moo 0 0 1 0 *) 0 moo 1 0 1 1 *■) 4 £1700 1 1', I 0 O (i ,cj:m 1 3 1 (S O S ,€3500 1 4 2 0 ?> 0 £•■1700 1 4 ■) 1 a ■I .tTjOOO 1 4 ■ ) s 3 s