INCOME-TAX REBATE
WITHDRAWAL STRONGLY CRITICISED CITY FIRMS BURDENED TUB SUX’S Parliamentary Reporter PARLIAMENT BLDGS., Thursday. Strong criticism of the withdrawal ol tho deduction from income of 5 per cent, on the capital value of land and of the effect of the graduated land-tax on city property owners was voiced by tlie Hon. W. Downie SLewart (Reform —Dunedin West) in the Budget debate speech in the House this evening. Mr. Stewart said the Minister of Lands, tho Hon. E. A. Ransom, was in error in his statement that the 5 per cent, deduction was designed to help tho wealthy city men. Mr. Ransom forgot that the graduated land-tax, which was designed to burst up large estates, operated most harshly on the city business with branches throughout the Dominion. It was because of this hardship and the fact that the special allowances for depreciation on buildings had been done away with that the deduction was allowed by the Reform Government. It was true that anomalies arose, but unless the Government went farther and dealt with the operation of the graduated land-tax in the cities the effect of the present amendment would be to intensify the hardship already existing. Some business men had told Mr. Stewart that they would be unable to carry on under the increased burden. .
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Sun (Auckland), Volume IV, Issue 1039, 1 August 1930, Page 16
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215INCOME-TAX REBATE Sun (Auckland), Volume IV, Issue 1039, 1 August 1930, Page 16
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