HC Deb 21 March 1974 vol 870 cc1314-5
24. Mr. Sedgemore

asked the Chancellor of the Exchequer what would be the estimated yield of a wealth tax levied at the rate of 1 per cent. on capital fortunes of £50,000 to £100,000—excluding the value of an owner-occupied house—2 per cent. on £100,000 to £200,000, 3 per cent. on £200,000 to £300,000, 4 per cent. on £300,000 to £400,000 and 5 per cent. on £400,000 plus.

Dr. Gilbert

The answer is £210 million, on the assumption that the rates given would be applied to the respective slices of wealth, and that all owner-occupied houses would be exempt from the tax.

Mr. Sedgemore

Will my hon. Friend invite the Chancellor to bear in mind those modest figures when presenting his Budget on Tuesday, together with his delightful and humane conference proposals to make the rich shout and squeal and scream?

Dr. Gilbert

I am sure that my right hon. Friend will have noted my hon. Friend's remarks.

Mr. Can

Does the Financial Secretary believe that it contributes to national unity deliberately to make any section of the population shout and scream?

Dr. Gilbert

We on the Government side of the House are content to ensure that our proposals bear most heavily on those whose shoulders can best bear the burden.