The Wairarapa Daily. MONDAY, OCTOBER 13, 1890.

Wairarapa Daily Times, Volume XI, Issue 3037, 13 October 1890, Page 2

The Wairarapa Daily. MONDAY, OCTOBER 13, 1890.

The Wanganui llmdd, writing upon Mr Balance's g'raduntcd' land tax proposal, says:'-"Tho principle of graduated taxation is founded on .''equality of sicrilico;" or in : other words, a naii Si/bo i)as SJ 0,000 a ycur of an'income ciin huter a/Jcrtl to pay in taxation £250, thaira man in possession ot £IOO a year can afford to pay £2los. For while-; the ricii'ojan will not feol tho deduction, tj)e jiopv nian njny. jn ( consequence have to go; witfjbijjt so)p" ,oj tho necessaries of life," On t||eparfc of so well informed a Journal, whose columns are inspired by a veteran politician holding the prominent position of leader of tho Opposition, ihjun ynijld jcem to be a glaring and profound oMivionsnj.'jjs of actual facts in tho brief quotation jwjwj) piade. To talk of a iriiw lvit'lr JSJO.QOT'n year paying ,£250 per anmii)) under a graduated tax is absurd, Why under tlic present properly tax ho would pay at least S6OO ai year, nod why should a-new method of taxation be introduced fp piake him pay less than ono half pf )iis raejenf assessment, What will the Liheraj party, n/^t propose jf t|)ey begin by r^tiicingthe taxation of wfialiljy.rniip, by onp half? Every Liberal politician to have & hatful of schemes for changing the incidence of taxation, not ore of which will stand a moment's investignljon, These advanced Liberals do not appear eye)} to figure them out on paper' before liipy'jagncj) lliem, or sureiy they would not be' guilty pf the ■terrible- blunders which Ihoy make. Tbcy have ideas, but when (lie exact science of arithmetic is applied to their conceptions, it-is at : once found that they are for till practical purposes, excepting, catching votes, r utterly ,ÜBofes. : ", ga,Vjj gp illustration of 'iJiiV tjjfl p flowed thnfc Mr genry Bunny's poljljcal, programme, if given. #ct to, would inevitably result in the Hell ■'. nwn becoming richer; and die poor, man' poorer. It may, however, be said thatpuf contemporary, the Wanganui J //«•«/</,.' on!/, liscfl' tho 'figures' we quote to illustrate an argument, and 'did not intend them I'd .bo oven an,' approximation to'accuracy. Still a| ( joarnaj professing to instruct a large. ■

°'f do should-, not, on a qiiestiob: of taxaiioD,- mislead" orbia's i the public by preference so wide! of the, mark. -, A man who possesses an < incombof £10;000 ,v year; would; at. ] the present ruto of intercston-capital, have to pay nearly £7OO u'yeav under \ the Property.Tax Act.. We do not believe there arc many men with iucon.es of this magnitude in New ! Zealand,'.hat:.tliero may he a handful, »i)d.we -believe lliat anyono of it coritfibutes' a' fair aiinro towards tbo national burdens by his present contribution oi £7OO in direct taxation, If the meaning of the graduated tax scheme is to make such a man pay a thousand a year instead of seven hundred, there is ono objection which is somewhat difficult to meol. A fortunate individual, possessing.this phenomenal income, has a capital of about £150,000 invested in tlinOolony, and .ho might resent tbo increased burden placed upon him by selling out and taking his wealth to -some , other country, where ho would bo more liberally treated. The tendency of a graduated tax would he to produce this lesult, und to,drain capital out of the comitry. It would also deter ' capital from coming into the country, and would .undoubtedly impoverish all classes in' tlio'commiinity. We have had in Sir Harry Atkinson and Sir Julius Yogol .'hungry and astute Colonial Treasurers,' who have scooped up every availablo sixpsneo that could be gleaned out of ; the- pockets of men of means, and tlioso now' lights who are trying their prontice hands at finance are like children compared with tho veterans to whom we hive alluded. If any of our new political financiers can. show how the taxation of. llio Colony can bo reduced, we ■ would willingly surrender tbo property lux or any other tax which may be considered- superfluous, but the mere , alteration of the incidenco of tuxntiou 1 for itho Bake of alteration involves direct loss to the Colony with no compensating advantage.