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Article BRITISH PARLIAMENT. Page 1 of 5 →
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
British Parliament.
BRITISH PARLIAMENT .
[ CONTINUED FROM orm LAST . ] DECEMBER 5 . THE Chancellor of the Exchequer brought up a bill for repealing the assessed taxes , and for laying other duties in lieu thereof , in order to carry on the war ; and on the 6 th moved for leave to bring in a bill to render the act of last session , for the sale and redemption of the land-tax , more the execution of its First
effectual , and to give greater facility to provisions . , to allow an extension of time for its redemption . Secondly , to adopt certaiii provisions for enabling persons to make contracts in sums of money for the redemption of the tax . Thirdly , as there were persons possessing estates in differ jut counties , and by the last bill such persons were enabled to charge their property in one county in order to redeem their land-tax in another , and as this point had iven rise to objections among the Commissioners , the
g Chancellor of the Exchequer was desirous to remove ^ these objections . Fourthly , to make certain regulations respecting ecclesiastical property ; and a few other provisions of less moment . On the 7 th this bill was read a first and second time . ! On the 13 th , the Chancellor of the Exchequer moved the order of the day for the further consideration of the report of the Committee on the -Income Billwhich-being readhe moved , ' that this report be then taken
, , into consieieration . ' ' Sir J . Sinclair conceived it to be a duty incumbent on him , and those who had directed their attention to financial enquiries , to state their sentimentson this subject . After considering the different ways resorted to for raising supplies , he was of opinion the funding system was the best . He reprobated Uhe idea ' of taxing income as partial and unjust ; and enforced the propriety
of his argument , by drawing a comparison between a person deriving 600 I . a year from his industry and another possessing ao , oool . stock . In case the I funds shoulel rise , the latter would have a manifest advantage over the former . ; He maintained , therefore , that a tax on capital rather than income was the [' most equitable ' of the two . He took a review of Income in general , which 'he divided into three sorts ; landed , commercial , and professional . He con-Uideied the necessary charges upon landed income , which therefore entitled
fthc possessor to considerable deductions from the impost , as it then stood . [ The difficulty of ascertaining income arising from commerce , he maintained : to be a considerable objection , because , in its nature it was a thing not adi - ' Butting of fair calculation , for it depended on friends , on connection , on : talents , on industry . But the difficulty was multiplied ten-fold in the case of the professional man , for he was liable to a diminution , by the utter destruction of his income from accidentsand often by the most whimsical prejudices
, ;; ' ° f a political or any other nature . He thought the . people of this country i wight be divided into three classes . First , those who have been in the habit : ° f savin" - something out of their income : secondly , those who neither have , f . ^ illi nor can save . The first and second classes , he said , would soon be reduced , by this bill , to the condition of the third . That class of the com . munity , who have not hitherto saved any thing , he hesitated not to say ,
" ¦ 'Quid , after the passing of this bill , never be able to save any thing ; and if they were only prudent enough to keep out of elebt , the Exchequer would ' ° se from it in the diminution ofthe consumption of all articles taxed by way . # excise , customs , or otherwise . The same observations were applicable to
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
British Parliament.
BRITISH PARLIAMENT .
[ CONTINUED FROM orm LAST . ] DECEMBER 5 . THE Chancellor of the Exchequer brought up a bill for repealing the assessed taxes , and for laying other duties in lieu thereof , in order to carry on the war ; and on the 6 th moved for leave to bring in a bill to render the act of last session , for the sale and redemption of the land-tax , more the execution of its First
effectual , and to give greater facility to provisions . , to allow an extension of time for its redemption . Secondly , to adopt certaiii provisions for enabling persons to make contracts in sums of money for the redemption of the tax . Thirdly , as there were persons possessing estates in differ jut counties , and by the last bill such persons were enabled to charge their property in one county in order to redeem their land-tax in another , and as this point had iven rise to objections among the Commissioners , the
g Chancellor of the Exchequer was desirous to remove ^ these objections . Fourthly , to make certain regulations respecting ecclesiastical property ; and a few other provisions of less moment . On the 7 th this bill was read a first and second time . ! On the 13 th , the Chancellor of the Exchequer moved the order of the day for the further consideration of the report of the Committee on the -Income Billwhich-being readhe moved , ' that this report be then taken
, , into consieieration . ' ' Sir J . Sinclair conceived it to be a duty incumbent on him , and those who had directed their attention to financial enquiries , to state their sentimentson this subject . After considering the different ways resorted to for raising supplies , he was of opinion the funding system was the best . He reprobated Uhe idea ' of taxing income as partial and unjust ; and enforced the propriety
of his argument , by drawing a comparison between a person deriving 600 I . a year from his industry and another possessing ao , oool . stock . In case the I funds shoulel rise , the latter would have a manifest advantage over the former . ; He maintained , therefore , that a tax on capital rather than income was the [' most equitable ' of the two . He took a review of Income in general , which 'he divided into three sorts ; landed , commercial , and professional . He con-Uideied the necessary charges upon landed income , which therefore entitled
fthc possessor to considerable deductions from the impost , as it then stood . [ The difficulty of ascertaining income arising from commerce , he maintained : to be a considerable objection , because , in its nature it was a thing not adi - ' Butting of fair calculation , for it depended on friends , on connection , on : talents , on industry . But the difficulty was multiplied ten-fold in the case of the professional man , for he was liable to a diminution , by the utter destruction of his income from accidentsand often by the most whimsical prejudices
, ;; ' ° f a political or any other nature . He thought the . people of this country i wight be divided into three classes . First , those who have been in the habit : ° f savin" - something out of their income : secondly , those who neither have , f . ^ illi nor can save . The first and second classes , he said , would soon be reduced , by this bill , to the condition of the third . That class of the com . munity , who have not hitherto saved any thing , he hesitated not to say ,
" ¦ 'Quid , after the passing of this bill , never be able to save any thing ; and if they were only prudent enough to keep out of elebt , the Exchequer would ' ° se from it in the diminution ofthe consumption of all articles taxed by way . # excise , customs , or otherwise . The same observations were applicable to