LEVY ON CAPITAL.

Putaruru Press, Volume VIII, Issue 346, 10 July 1930, Page 3

LEVY ON CAPITAL.

“ We are not exactly State slaves,” said Mr Walter Runciman, M.P., at a City of London gathering, “ but we | are getting cn that way.” He calculated that an average consumer ea tiling £2 a waek worked nearly six weeks in the year to pay direct and indirect taxes. A man with an income of £IOOO a year from dividends contributed 73 weeks’ income to the State; one with £SOOO a year contributed 133 weeks’ income; one with £IO,OOO contributed IS. weeks' Income; and one with £IOO.OOO contributed 273 weeks’ income. In income tax, super-tax, and death duties a man with £SOOO a year would now pay 9s in the £; one with £50,000 a year, 18s 103 d in the £; and one with £IOO,OOO a year, £2ls in the £. My heart does not bleed for a man with £IOO,OOO a year,” said Mr Runciman, “ but it is not to the good of this country that any tax- ; payer should be taxed more than his , annual income. When you do take j capital assets from tfre taxpayer you j should earmark them for the reduction j of the State’s capital debt.”