New-York tribune., 1922-11-12
Wen Who Hope TO Be Rich
Fight Tax ON Fortunes
Proposition by British Labor for Heavy Levy ON
Wealth Meets Stubborn Opposition
Among Poorer Groups

such as the one outlined above would
produce oo,ooo, 600 and would re-
dnce the annual debt charges by about
f15c,oee,e ,e0e.
An elaborate plan has been worked
out for the application and collection
/ Of the levy. 1t Is as complicated as is
the collection OF the present income
tax, and would indeed be carried out
along the same general lines as the lat
ter, Every individual possessing $4,000
or over Tin property OF any description,
stocks or bonds or in any form what
ever) would be required to make a de-
tailed return of his wealth, specifying
its amount, sources and value. He
would be professionally assessed on his
own valuation and would be required
to pay the levy on this provisional as
scssment, The inland revenue officials
would ehen check up the returns and
gradually raise or lower the contribu~
ton from each individual, returning
part OF his payment II it were proved
his asses ssments were too heavy and
demanding more If it were too light.
II is estimated that Sc per cent of the
personal property liable to taxation
could be easily and accurately valued.
Difficult Items on Which
To Set Value Are Outlined
"The only important items difficult
TO value would be the business assets
Of priva.e companies and partnerships
and of individual traders, which
amount to less than per cent of the
property liable to estate duty, and
household goods, pictures, etc, which
amount to less than per cent" says
the brochure describing the plan of the
levy.
1t is claimed that payment of the
tax could be arranged so as to avoid
violent dislocation of industry or
forced realization of property on
large scale. Payment would be &C
cepted either in cash, government Sc
curities or any other securities easily
realizabic on the Stock Exchange. In
special cases the Treasury might be
given 3 mortgage or floating charge on
the Taxpayers aseets. There are in
Vulnerable minor provisions, such as
offering more favorable terms for par
ticularly prompt or acceptable pay
ment. For instance. British govern
ment securities rendered in payment
Of the levy would be cancelled at once.
NJ ~ ,41 al.
ceived for the levy would be avoided
by the gradual feeding Of it onto the
market by the debt commissioners
Payment in full would be required
within three years, but special boards
of referees would be instituted to
Judge disputed cases.
1t is realized that the cancellation
of government securities would mean a
decrease in income tax returns and in
death duties, but it Is claimed that
this decrease would not exceed $685.
100000 annually, leaving net saving
of s115,000,0oo to the exchequer.
So there is the capital levy plan. Its
opponents point TO Russia as an exam
pie of country after thoroughgoing
capital levy. Others say that while it
would work out we'll in theory, in prac-
tice any such Wholesale transfer of
wealth az it contemplates would create
sanic.
Who" they ask, sis going to buy
the shocks the government offers for
sale 2"
Still others believe it would lead to
further Capitalization OF wealth, in
stead of to a more equable distribu-
ton. Extreme comments range from
Socialism," to "Bolshevism! And "a
few, like my friend, the King Beaver
in the train, quote Scripture. After
the elections one will know better
whether the capital levy will be a live
issue in the near future or whether
it will remain only the dream Of re-
formers.