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Tuesday, 15 December 1914

Senator STEWART (Queensland) . - The amendment means a reduction of the tax, and will, no doubt, be supported by the Opposition. Could not the one-fifteen thousandth be retained up to £75,000?

Senator Pearce - If that were done the rate would go up to l1d., and we do not wish that. We announced our intention to bring the rate up to 9d. on £75,000, and were under the impression that our formula did this. We have discovered since that it does not.

Senator STEWART - Is the honorable senator certain on the point?

Senator Pearce - Yes, I am assured by mathematicians that it is so.

Senator STEWART - I am very loth to lose revenue from this source, and should he very glad if the rate could be made l1d. on £75,000.

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