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Thursday, March 1, 1973
"Whatever his marital status, the taxpayer will find that he is
spared assessment at the 15 per cent standard rate until he reaches a much
higher level of income than has applied previously."
The fifth colum shows the effective rate of the new tax, in relation
to gross income, and how this percentage progresses until the 15 per cent
maximum is reached.
The sixth column shows the actual amount of tax reduction afforded
under the new concessions at each level of income, while the seventh colum
shows the cumulative effect of both this reduction and the reduction applicable
under the 1972-73 budget.
The last colum indicates, in each case, the additional income a
taxpayer would have to earn before he would become liable for the same tax
he would have paid in 1971-72.
"It is also against these figures that one should judge the effect
of the loss of selective allowances referred to by the Financial Secretary."
If the allowances lost as a result of the budget proposals are less than the
appropriate figure in this column the taxpayer is better off; if they are
higher he is worse off.
Note to Editors:
Copies of photographs of the graphs are distributed separately in the G.I.S. press boxes.
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