LABOUR AND TAXATION

Wairarapa Times-Age, 12 October 1938, Page 6

LABOUR AND TAXATION

INCREASE IN ONLY TWO FIELDS STATEMENT BY THE HON W. NASH ("Times-Age” Special) Discussing taxation in his address at Carterton ’ last night, the Minister of Finance, the Hon W. Nash, said the Labour Government had only increased taxation in two fields, income tax and land tax. The alteration in the income tax had brought in another million pounds, but it was gathered almost exclusively from the higher income grades. In 1935 the total assessable income of New Zealand was £53 millions. Last year it was over £9l millions. Incomes of companies had increased in the past three years by £9 millions. Taxation proceeds had gone up by £5 millions, but the taxable income had increased by £3B millions. Every effort was made to see that there were no tax evasions, and last year the Government had collected £642,000 of income tax arrears. Labour's internal borrowing had increased but so had its internal spending, and more money was being’ expended on profitable public works schemes than ever before. , Labour had restored salary and wage cuts, lifted the income of the farmer, and given to everyone better conditions than they had experienced during the past seven or eight years. The volume of effective purchasing power had risen by 10 per cent. Retired people living on incomes were the only section affected by Labour’s taxation policy. —