ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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From 50 Years Ago: Background To The Budget.

Editorial from Volume XIV, No 11, March 17, 1962.

A budget without tax proposals cannot be a very exciting affair, but there is much to be said for the system of presentation which has been forced by the General Elections this year, viz, placing before Parliament an account of the finances of the Government for the cur-rent year and estimates of the expenditure for the next year, along with the Explanatory Memorandum and the Economic Survey. This has the advantage of giving Parliament and the public a preview of the situation against which the tax proposals to be pre-sented later will have to be considered…

If a rational economic criterion is followed, the step up of new taxation will, of course, be different and a closer correspond-ence will have to be sought between the growth of output and incomes on the one hand and the taxes to siphon them off on the other. Changes in the distribution of incomes, appearance of new products on the market and the composition of the output generally would suggest the timing and the nature of the taxes to be imposed, given the total ex-pected returns.

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