THE BRITISH BUDGET.
LABOR PARTY’S PROPOSALS. LESS ARMAMENT EXPENDITURE. By Telegraph.—Press Assn.—Copyright. Received Feb. 6, 5.5 p.m. London, Feb. 1. The Parliamentary Committee of the Trade Union Congress has issued, the Labor Party’s scheme for reforming the budget. They consider that the excess profits duty resulted in extravagance, inefficiency, and a decline of initiative, while a special tax on business firms is regarded as undesirable. The Labor Party consider that an income tax and super-tax should be the basis of Britain’s system of direct taxation, but the exemption level should be raised. Taxes on foodstuffs should be abolished. A graduated levy on all forms of accumulated wealth should be devised, which would raise at least £4,000,000,000, but persons whose possession is below £5OOO should be exempted.
A reduction of the national debt and lessened expenditure on the army and the navy are the chief means of retrenchment suggested, but there should be more generous expenditure on education, housing, and public health.— Aus.-N.Z. Cable Assn.
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Taranaki Daily News, 7 February 1921, Page 5
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164THE BRITISH BUDGET. Taranaki Daily News, 7 February 1921, Page 5
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