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Wednesday, 26 November 1941

Mr MORGAN (Reid) .- The effect of the exemptions will be to divert considerable wealth which is now in the hands of well-to-do persons to useful channels such as educational and. philanthropic purposes. For that reason, the special committee which examined the bill has performed excellent work. Whilst the purpose of the bill is to increase revenue for war expenditure, that object, in my opinion, will not be realized to any great degree. The outcome will be a reduction of gifts in order to evade this tax. The Government has erred in deciding to wait before collecting the tax until wealthy people either give away portions of their property or die. The only way in which to extract money from rich accumulators is to impose a capital levy, or a graduated tax on wealth. Before the war concludes, the Treasurer (Mr. Chifley) may have to adopt this suggestion.

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