august memories / 07


7th August, 1931 : The middle class, especially the family man, will be the chief sufferer in the proposed New Zealand budget, in which no one is likely to escape increased taxation. With the national deficit soaring to £6,500,000, the Government is to increase income tax and import duty on tea, sugar, tobacco and beer, and lower government salaries. A man earning £350 a year will pay almost three times more income tax, £4/11/-, compared to £1/12/4. A man earning £500 will now pay £12/7/-, almost double the old sum of £7/4/4. The general tax exemption of £300 will be reduced to £260. To make the matters worse, the increases are backdated for 12 months.

[The good old times]

About Avadoro Worden

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