LANG'S NEW PLAN

Rotorua Morning Post, Volume 2, Issue 221, 12 May 1932, Page 5

LANG'S NEW PLAN

(Press. Assn.-

OPPORTUNlTY FOR WEALTHY PATRIOTS TO PAY STATE DEBTS SPECIAL TAX ON MORTGAGES

— By Telegraph — Copyright).

Rec. May 11, 9.0 p.m. SYDNEY, Wednesday. The Logislaave Assembly was staggered when the Preiniert Mr. T. f. Lang introduced the Taxation on Mortgages Bill, under which a tax of 10 per cent. is levi'ed on every mortgage uppn land, or any estate, or on the mterest thereon. He hopes the Bill will produce £7,000,000 in revenue. The tax must be paid within 14 days. Mr. Lang deciared that this measure would enable him to satisfy the demands of the Commonwealth Government in respect of interest payments and thus remove the crippling embargo inflicted on the wealthiest and most populous State in Austraiia. "The invader," he said, "must either be paid out or thrown out. Thos'e people of means, whose patriotism has led them to clamour that the invader should be paid out will now have the opportunity of living up to their beliefs, but the Government will do its part in providing the machinery with which this can be done." He made no secret that the tqx was in the nature of a levy on the wealthier section of the community. They would, he said, now be able to make a reasonable contributiqn toward the rehabilitation of the State, to which they, as mortgagees, were largely indebted for their accumulated capital.