PARLIAMENTARY INTELLIGENCE.

New Zealand Colonist and Port Nicholson Advertiser, Volume I, Issue 11, 6 September 1842, Page 3

PARLIAMENTARY INTELLIGENCE.

(From the Observe)'.) Income-tax. —The Chancellor of the Exchequer having moved the order of the day for the second reading of the Income-tax Bill, Sir J. Graham presented petitions signed by npwards of 3,000 inhabitants of Carlisle in favour of the bill.— Mr. C. Buller rose to move the amendment of which he had given notice, that the bill be read a second time that day six months. His opposition was greatly enhanced by a perusal of the bill, and he only wondered that in a free country a bill in its provisions so arbitiary, and infringing so much upon the rights, and liberties of the people, should have been tolerated so long as it had been. Let them only look at the • array of Government officers; there were standing general commissioners, then under commisioners, then special commissioners, and then assistant commissioners, all of them necessary, perhaps, for the collection of such a tax, but all of them the fearful instruments of a most grinding tyranny. One of the strongest arguments against applying an income-tax generally was the precariousness of incomes derived from trades and professions as compared with landed or funded property. The Hon. and learned member then read an extract from a Chartist publication, for the purpose of showing that, with all his ingenuity, the right lion, baronet had not conciliated that class, and concluded by submitting his amendment.—Mr. Ewart was hostile to a proposition for taxing incomes derived from trades and professions to the same extent as real property. —Sir J. Walsh would support the tax, because he believed there was a pressing emergency and necessity for it, otherwise he certainly should not give his assent to it.—Sir W. Clay said the hon. member had admitted that emergency should

be the measure of the duration of the tax, but he denied that any such emergency existed. He thought, however, the general question had been sufficiently discussed, aud bad the question of the second reading been taken without debate, he would have been satisfied. : —Mr. Wauley said, notwithstanding all the arguments he had heard against it, be was still of opinion that a property tax was the best tax that could be imposed, and he regretted, therefore, that the bill of the right lion, baronet was not so framed as would enable him to support it. Even had it been a graduated income-tax it would have been somewhat less objectionable, but in its present form it was exceedingly unjust and partial in its operation. He believed, if the tax was properly graduated, there would be no objection to it among the people generally. 1-Ie regretted beiug obliged to oppose the bill, because he thought the principle of direct taxation was a good one, and would obviate the reproach to which of late they had been open, of allowing then’ expenditure to exceed their income.—Mr. B. Dishaeli admitted the hardship of the tax, but thought lion, gentlemen on the other side had omitted all reference to the causes which had entailed upon the present government the painful necessity of resorting to such a measure. It appeared to he quite forgotten, that whereas only a few years ago there was a surplus of one million and a half for England, and a surplus of the some amount for India, they had now a deficiency to a much large)* amount, aH occasioned hy the recklessness and mismanagement of the late Government. —Mr. give his decided opposition to' because it was in its principle exti’emhlyffinjust, aud calculated to produce deceit, and immorality.—Mr. Smythe took a review of the foreign policy of the late Government, and coutented that it was owing to their mismanagement that the present clefficiencv had been occasioned.—Mr. W. O. Stanley trusted the bill would receive some modification in committee. —Mr. Scott did not think the feeling of the country so strong against the measure as it had been represented. —On a division there appeared.—For the second reading 155 ; for the amendment 76.

We copy the following abridgment of the Income-tax bill, from Bell’s Life in London, of the *24 April. “A Bill for granting to her Majesty duties on profits arising from property, professions, trades, and offices.” It has been prepared and brought in by Sir Robert Peel, the Chancellor of, the Exchequer, and Sir George Clerk, contains 189 clauses, and extends to 130 folio pages. The tax is to be charged and levied from and after the sth day of April 1842, and is to continue in force till the. sth day of April, 1845. There are five schedules, A,B,C,D,E, which describe the different rates of taxes to he levied, and the various kinds of property liable to the assessment.

Schedule A enacts —That for all lands, tenements, and lieriditaments or heritages in Great Britain, there shall he charged sevenpence for every twenty shillings. Schedule B—For all lands, &c., in respect of the occupation thereof in England, the sum of threepence shall be paid for every twenty shillings of the annual value thereof, and in Scotland the sum of twopence-lmlfpemy . Schedule C—Upon all profits from annuities dividends, and shares of annuities, payable to any person, body politic or corporate, company or society, out of any public revenue, there shall be charged sevenpence for every twenty shillings, without deduction. Schedule D—This schedule, from its importance to the trading community, we give at length:—The duties in this schedule shall extend to every description of property or profits which shall not be contained in either of the said schedules (A) (B) or (C), and to every description of employment or profit not contained in schedule (E), and not specially exempted from the said respective duties, and shall be charged annually on and paid by the persons, bodies politic or corporate, fraternities, fellowships, companies, or societies, whether corporate or not corporate, receiving or entitled unto the same, their executors, administrators, successors, and assigns respectively.