The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-17

looking for taxation upon articles of consumption, in
stead OF reviving taxes upon salt and sugar, it is my duty
to make an earnest appeal to the possessors Of property
-(enthusiasticl cheers from the opposition)-for the
purpose of repairing this mighty evil Continued cheer,
iDg) ! propose, for a time TO be limited-and make
the proposition as ! said before | never occasion to make
a proposition with a more powerful conviction
that it Is one which the public interest ofthis country re
quires-(hear hear)-I propose that, for a time to be limi'
ted, the income Of this country shall be called upon to
contribute a certain sum for the purpose of remedying
this mighty and growing evil. (Cheers) propose that
the income of this country should bear q charge not OK
ceeding sevenpence in the pound-(cheers)-not amount
ing TO three per cent, bat to 81 ISIS Al, for the pur-
pose, not only of supplying the deficiency in the
rev' nue., but Of enabling me with confidence and satis.
faction, to propose great commercial reforms-Coud and
general chsering) which will, | think, make up Tor the
sacrifce-which will afford the hope of reviving com
merce-[renewed cheersl and that Improvement in manu-
features which will soon react upon every other inte-
rest in the country, which, as ! said before, in a narrow
the articles of consumption, and the cost of living, be a
compensation almost to every one for the pecuniary
chs, charge |; and which n;Sh by yn relieving you GU Of the '1ntempls
p~nsate the possessors OF property for the sacrii e. I'm
nense cheering Sir, there have been 70, mer taxes
upon income. III the yesr 1903, whei the prospects of
this country were most gloomy, the minister ofthe day
had the courage to propose, and the people had the forti-
tude to bear, an income tax amounting to 10 per cent. In
the vear 1903 that income tax was discontinued but af
ter III rup ufe of ~the'pss,e OF Ameaens, a duty Of 8 per
r rs;,,d was 20 a. put rsr c upon a prGP gn Ky v In l ssss that duty was IS
IL per cent. Now, ] propose that the DUTY to be imposed
| upon income should not exceed three per cent;
u"t ~ UNIV III PVht " ioNt, w opedhIDE WIN
| perfect accuracy, be limited to ID. in the pound,
.: e. lss. 4d- per cent. Formerly, when the income
tax Of ten per cent. was levied, only incomes Of Goo a
| year we're exempt, and all incomes between ESQ and
fl00 q year were subject 10 a reduced rate of duty. |
shall propose that from this income tax all incomes un.
der ESQ shall be exempt. Under the former income
tax, in respect to that portion of the charge which was
derived from the occupying tenant, the tenant in the oc.
cupatIon OF land, it was estimated at three -iourths Of the
rent. 1t was admitted, believe, that that estimate was
too high; that estimating the rate Of profits at three.
fourths Of the rent was an unreasonable estimate. |
PROPOSE, therefore, that IN respect to the q ,CupVinO
tenant, the occupation of land shall be estimated at one.
half instead Of three fsurths. This is the REDUCTION tina,
was contemplated in the year 1916 when Lord Bexley
proposed the renewal fthe tax. l have every reason
to believe that one.half would be a fair estimate | BE-.
lieve Lord Be ,ley intended to C airy il further for a very
short period. propose to reduce it from three fourths
to ~one.half; and | believe the reduction to be perfe thy
j~ustiiable, rents having increased in reference 10 the
value ofland in that ratio which will make the differ ence
Hear, hear2 propose-and l sec no ground for excep-
tion-that all funded property, whether held by natives of
charge to which ] propose to subject other sources of in.
come: Hear Sir, that is the nature of the proposal
which tits myinten'i) IN, with the full and unanimous con.
currence oil my colieagues-Q out cheers)- and with the
deepest conviction on their part that the measure is wise
and necessary to make to the house. (Cneers) These
are the main points of the proposition | intended to sub.
NIT. or course the house will call on me for some est.
mate, the best can frame, aa to the probable produce Of
this measure. | am sure that every gentleman knows
how impossible 1t Is to frame any definite estimate, or to
draw any certain conclusion on a subject ofthis nature;
but ! will give the house the best esim ate | can frame,
and state, as clearly as am able, the grounds on which
frame it. (Hear, hear) In the year 1914, which is the
1881 tdT " WnICn we nave respect, Inc income IN Great
Britain assessed to the property tax was about
ti73,0oo 600. The property on which that income was
assessed was comprised in five different divisions or
schedules. The schedule which was entitled by the
letter A contained the property derived from land. 1t
was divided into three classes-namely, the rent of land,
the rent Of houses and the rent derived from times,
mines, quarries, canals, and other similar property.
The property in respect Of the rent Of land assessed
amounted to Es9, 4OO, 200. l am speaking of the wear
1914 1.-THE rent of houses was ELS, 2O0,O 900, and the
profits derived from tithes, mines, quar- les. sc. ca 470 OOs
being a total Of property derived from lands Of
90 so OOO{. Schedule n contained tho rant nCl a,.. l.,
respect to occupation by the occupying tenants. The
amount of income on which the rate was assessed was
from public funds and similar securities. The amount
was $1,000, OOO!' Schedule D contained the profits of
Schedule E the income OF public officers, amounting to
ll,744.00M. take schedule A first. AS I said before.
the assessment upon the rent of land was 80, 400 OOoi
Now cannot doubt that the return ofpesce and the ces.
sati0n OF war prices must have had a consi lerable effect
in reducing the rent ofland. 1t may be said, you must
take into account whatever effect was produced upon
the rental ofland by the restoration ofpeace and have
no doubt that for a considerable period the rental of
and fall far short OF the rental in the year 1914; bu, still,
when look at tn progress which agric ulturaI improve.
ment has made, and when / consider the effect of the an |
plication of sci, nee to the culture of the land. I cannot
but entertain an opinion that the present rental Of land
must be equalto the rental in the year 1914. And, upon
the whole it not being difficult to frems an estimate rest
ing NJ, IN a broad and satisfactory basis, l will assume
I . rental of land at present to be equal to what it was
in is~l4-namely, - 4oo, OOOL The rent Of houses in 1914
was II, 260,0O0t and acting in concurrence with what
appears to be the general opinion of the house, that il is
right should enter into this statement, l will give my
III ItspeCt W tuls SUBJECT, In the case OF oil
tenants deriving profits Of less than 1901 per annum. On
that accountl must make a further reduction, SO that up
on the whole cannot calculate upon q greater amount
Of duty than loo, O0Ol. from the occupying tenants. See
what the eff ct Of this will be that, as / calculate the
profits at one halt of the rent, the tenant who possesses
less than 3o0l will be exempted altogether, unless in the
case Of those who may have ether resources. now
come, sir, to schedule {, which comprises the income
The amount Of capital assessed under this head in the
year 1914 Was 3O,OOe cool per annum; the amount of d.
vidends received and interest from the public funds
for ls4l amountEto 29, AGO 0opl. ] Cannot think there
will be a question but that l ought to deduct also
the amount Of duty, which w.uld appear to be paya.
bic en- payments made on account Of the savings banks.
| must, therefore, make o deduction Of fl OOO, 900 again,
this not being a source of income a~ssessable to a proper.
y tau, thus leaving the amount assessable at Gas 400 900.
To that | must and the dividends on bank stock. upon
India stock, ano dividends upon foreign stock payable in
this country and the tax upon these ! estimate at fl-
900 900, making a total amount Of very nearly lao 600 Oeo
asthe amount receivable in 1919. But, then again have
to apply a deduction in the exemption of persons having
incomes OF less than llso p r annum. ] deduct one
fourth on that account, ana then the estimated produce
ofthe tax %derivable from the public funds will be 1916.
600. Sir, the schedule d in the year 1914, contains the
income Of profits Of trades and profes sions and here
there is a great difficulty in fixing any estimate, SO as to
show accurately the amount which NAV be available
from this source. find that the total amount ofimports
and exports in the year lsl4, as compared with the total
exports and imports in lsio, was in the ratio OF % to 1872
but End that the declared val ae ofexports bears merely
the ratio OF a to 81 but. On the other hand, ind that the
British Shipping employed in 1914 was / seo, 900 tons,
mate only, but still cannot think the profits
from trsdes end professions, in the present year,
SdH i"i suoEt VI loOVV,0uU. utduCt iOnefSurth
on account of exempted incomes, and the pro.
duce on which l calculate is H225COo. Seized.
ue 4 comprises the income of all public Off.
GERS. In the year lS4l, the income Of all public officers
amounted to the sum Of III ,7I4 900. On account of great
reductions which have subsequently taken place in our
establishments, a very grei. reduction must be made
from the amount OF incomes of public officers, and I
think cannot estimate it at more than II, 0O0, 900. instead
Of ll,744,ot0. must again deduct one fourth on ac-
count of persons as belsre stated, exempted frsm the ope.
ration of this tax, leaving the assessment at 10, $50, 900
and the produce Of the tax will then be il55 GOO. | there
fore recapitulate the whole estimated amount of reve.
nue. on which | calculate as follows
From a duty of 3 per cent on property under
Schedule A, Calculate upon a revenue OF IL SOC, 900
Schedule B....... .................. $50 900
bcueuule " ....'. ................ $4,000
schedule -. l,22p,0OO
schedule $4,000
(Hear, hear) | will now state what are the views of
her msje'ty s government with respect to the duration Of
this mpost, 1.-THE proposition should meet with the sane.