XN000022-1973-03-01 — Page 19

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18

SINGLE

PERSONAL ALLOWANCE

--

1971-2) 1972-3)***

$7,000

1973-4

$10,000

Total

Perconal

Chargeable

Income (before

deduction of

allowances}

Тах

Equiv- alent

1971-2

Tax

1972-3

Tax

Тах

Effec- Tax Reduc→ 1973-4 tive Reduc-

Rate tion of Tax 1973-4

to tax

tion

1972-3

at 1973-4

and

rates

1973-4 Budget

1973-4

on Addi-

Budgets

tional

Income

$

$

$

$

%

$

#

$of

+. 13,400

170

155

170 1.3

(-15)

15,000

302

275

250 1.7

25

52

# 1,040

18,000

.495

450

400 2.2

50

95

1,900

24,000

1,045

950

900 3.8

50

145

1,450

30,000

1,795

1,625

1,500 5.0

125

295

1,967

36,000

2,755

2,475

2,400 6.6

75

355

2,367

42,000

3,925

3,500

3,400 8.1

100

525

2,625

48,000

5,335

4,725

4,600 9.6

125

735

3,340

54,000

6,975

6,125

6,000 11.1

125

975

3,900

60,000

8,775

7,700

7,500 12.5

200

1,275

4,250

* 61,500

9,225

8,112

7,950 12.9

162

1,275

4,250

66,000

9,900

9,450

9,300 14.1

150

600

2,000

$ 69,000

10,350

10,350

10,200 14.8

150

150

500

70,000

10,500

10,500

10,500 15.0

1

F

Key

Tax on Gross Income

@ 15%

E

Level at which 15% on Gross Income applied 1971-2

Level at which 15% on Gross Income applied 1972-3

# These are the amounts which indicate as closely as feasible the quantum of the effective compensation for the withdrawn allowances.

Below this Gross Income point the effective rate of tax is increased as compared with 1971-2 because the increased personal allowance does not fully set off the effect of the low income relief now cancelled.

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