The Waikato Times AND THAMES VALLEY GAZETTE. TUESDAY, JULY 28, 1891.

Waikato Times, Volume XXXVII, Issue 2970, 28 July 1891, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

TUESDAY, JULY 28, 1891.

l.'L'Kit ;iml exact; lustice to all men, 01 wknsui'viT state or iicrsu.ision, religious or l'oliti.-:..!.

It is matter for congratulation that the tiovi-Timicut luis not, as until reran i Iy up pea roil probable, brought down skeleton Bills to jjivu ell'ect to their taxation proposals. irnuertuinty asi to the scale upon which incomes anil land :in; to bo taxed during; the next financial year could not have failed to lie detrimental to I In , , colony. l.'ueertainty as to the incidence of taxation has always had the efl'ei.'t of preventing investment in enterprises likely to in.- atl'ected. The. danger of this evil it was clearly the duly of the < loveniment to avoid by boldly bringing clown llieir complete proposals, in order that tho details of the soliomo may Vie considered by Parliament and tho country. The exemption of improvnruonls from assessment of all holdings whir-h become specially liable to the graduated tax is an improvement, on the original proposal. The I Jill provides for the loss of revenue by increasing the graduated scale, which applies only to the unimproved value. This re-ma.in.-i at the same rate as in the

Budget proposil up ti> triD.DOO, liut. increases gradually till it readies l;jd in l.lii! ,t for tin: extreme viilu..scheduled. The rates fixed by the Hill would, if carried, only hold good for I lie next financial year, as they are .subject to tins annual vote of Parliament. 'Ilif schedules delinin-,' tlin Kc.ili! of taxation under the dill'ercnt heads of the Income Tax have not been telegraphed, so we presume that the Uill is wanting in this respect, Tile scale will pro iiiiiily, as in the Old Country, depend upon the necessities of tho Treasurer. It is extremely questionable whether the Land Tax will yield the revenue, anticipated, and tho Government have, no doubt, left these schedules blank with this probability in view. The principles of the Bill are, with the exception wo have pointed out, nearly identical with those contained in the Budget speech. It is, therefore, not necessary for us to further comment upon them at present.