LAND AND INCOME TAXES.
EFFECT OF NEW PROPOSALS. COMPARISON WITH OLD RATES. The general effect of the Government’s proposals is a substantial reduction below the taxation levied in the last two years. In the case of income tax, the application -to individuals depends on the exemptions for insurance premiums, children, etc., and the rebate of 16 per cent, in the case of earned incomes. The following table illustrating the difference in the scales operating in 1922 and those proposed for the collections early in 1923 takes into account only the general exemption of £300:
Up to 1921, incomes were charged with ordinary and war taxes, and in respect of the latter the exemption of £3OO applied to all incomes. Last year the Government brought in a single scale, and one result was that by graduating the exemption of £3OO on incomes above £6OO, so that it disappears at £9OO, the taxation on all incomes above about £650 was substantially increased. Under the proposed scale this disproportion will remain. Following is a similar comparison of the land tax collected in November, 1921, and that to be paid this November:—
Assessable 1922. 1923. Income £ £ s. <1. £ s. (1. 409 5 14 0 ' 5 0 0 • r »00 11 8 0 10 0 0 ■600 17 2 0 15 0 0 700 30 17 6 27 1 8 800 49 18 6 43 15 0 900 72 13 6 63 15 0 1000 85 10 0 75 0 0 2000 266 0 0 233 6 8 3000 541 10 0 475 0 0 4000 912 0 0 800 0 0 5000 1.377 10 0 1,208 6 . 8 6000 1,938 0 0 1,700 0 0 7000 2.427 5 0 2,129 3 4 8000 2,964 0 0 2,600 0 0 9000 3,548 5 0 3,112 10 0 10,000 4,180 0 0 3,666 13 4 20,000 8,360 0 0 7,333 6 8 30,000 12,540 0 0 11.000 0 0 40,000 16,720 0 0 14,666 13 4
Taxable 1921. 1922. Balance £ £ s. d. £ s. d. 1000 5 0 0 4 11 8 2000 10 10 0 9 19 2 3000 IB 10 0 15 2 6 4000 23 0 0 21 1 8 5000 30 0 0 27 10 0 6000 37 10 0 34 7 6 7000 45 10 0 41 13 4 8000 54 0 0 49 10 0 9000 63 0 0 57 15 0 10,000 72 10 0 66 9 2 20.000 195 0 0 178 15 0 30,000 367 10 0 336 17 G 50.000 862 10 0 790 19 2 90,000 2.442 10 0 2,238 19 2 130,000 4,842 10 0 4,438 19 2 138,000 5,416 10 0 4,965 2 6
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https://paperspast.natlib.govt.nz/newspapers/TDN19221104.2.10
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Taranaki Daily News, 4 November 1922, Page 3
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450LAND AND INCOME TAXES. Taranaki Daily News, 4 November 1922, Page 3
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