Mr. J. G. Hubbard intends, on the 16th of April,
to move the following resolution :—" That Local and Imperial Taxation, where their incidence is concurrent, should have a common basis of valuation, and should be alike assessed upon the net rental or annual value of real property ; and that Imperial taxation, when levied upon industrial earnings, should be subject to. such an abatement as may equitably adjust the burthen thrown upon intelligence and skill as compared with property." The object of this Resolution is to allow, in the case of real pro- perty, the deductions for repairs allowed by local assessors, and in the case of industrial or professional incomes such deductions as ought to be allowed for savings. Mr. Hubbard would, in fact, tax not the whole income, but only the portion of it available for expenditure. Unfortunately he does not suggest any means of ascertaining this proportion, which has been a puzzle for years, and unless he can do this, the House of Commons will not accept an abstract resolution. Deductions are of no good in themselves, if they only compel the Treasury to ask for extra pennies in the pound.
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