Enat part of tue Budgev whicn 1s to False Wwo-thirds of the war taxation has met with ut tie criticism, except from tne point of view at anicers on acute sevice and Persons whose incomes have been sudaemly reduced by tae war. bow. these criticisms have been met, toe first by @ ubera! increase in te vdauy pay, and we second by special concessions. Sut no one has caulea attention, says the "Economist," to the anomalies of the income-tax itself, which have become more than twice as annoying when the tax is doubled. A small White Paper which gives "the amount of tax payable on certain incomes, and the virtual rate charged in the shows graphically how far the ex: isting tax is fairly graduated, and at what points the graduation fails. The first fact to be noticed is that earned incomes are graduated on a different plan from unearned incomes, for the "earned" rate continues to rise until the income lo the "'unearnits maximum at £701. Next year, for instance, an earned income of £701 will pay £52 lls. 6d., and an unearned income of the same amount will pay £87 128, 6d., yet incomes of £2,501 both pay a tax of £312. Clearly the principle of graduation, if it good principle, should apply equally to both kinds of income. The second fact disclosed by the White Paper is the remarkable series of "jumps"" made by the tax as the income passes certain points; and, uwain, the two kinds of income have heir particular anomalies. Thus the addition of one pound to en umed income of £500 means wi
Text read from the printed page and cleaned; old type leaves the occasional error.