The Assessment of Income Tax
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8d. In the pound, subject to an abate- ment of income of ;^900. A tax of 6d. In the pound on ^3, 000 is 18, 000 pence, and 18, 000 pence is equivalent to a tax of twenty pence in the pound on an income of ;^900. It would have been more in accordance with the arrangements adopted for smaller incomes had the Budget provided that the tax on in- comes exceeding ;^5, ooo should be is. 8d. In the pound, subject to an abatement of ;^900 from actual income.
The super-tax regulations of the Budget can b...e stated in terms of abatement and proportion^ with one rate of tax. We have just seen that the exclu- sion of the first ;i^3, ooo from super-tax is equivalent to an abatement of ;^900 from income. The super- tax is an increase from fourteen pence to twenty pence, w'hich is an addition of six-fourteenths to the normal tax. It is immaterial whether the income or the income-tax is increased by this six-fourteenths so far as the result is concerned. Take, for example, an income of ;^io, ooo. A tax of i4d.
What to read after The Assessment of Income Tax?
You can find similar books in the "Read Also" column, or choose other free books by William Schooling to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
8d. In the pound, subject to an abate- ment of income of ;^900. A tax of 6d. In the pound on ^3, 000 is 18, 000 pence, and 18, 000 pence is equivalent to a tax of twenty pence in the pound on an income of ;^900. It would have been more in accordance with the arrangements adopted for smaller incomes had the Budget provided that the tax on in- comes exceeding ;^5, ooo should be is. 8d. In the pound, subject to an abatement of ;^900 from actual income.
The super-tax regulations of the Budget can b...e stated in terms of abatement and proportion^ with one rate of tax. We have just seen that the exclu- sion of the first ;i^3, ooo from super-tax is equivalent to an abatement of ;^900 from income. The super- tax is an increase from fourteen pence to twenty pence, w'hich is an addition of six-fourteenths to the normal tax. It is immaterial whether the income or the income-tax is increased by this six-fourteenths so far as the result is concerned. Take, for example, an income of ;^io, ooo. A tax of i4d.
What to read after The Assessment of Income Tax?
You can find similar books in the "Read Also" column, or choose other free books by William Schooling to read onlineMoreLess
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