§ 64. Mr. Peytonasked the Chancellor of the Exchequer what would be the loss of revenue if no taxpayer was liable to pay more than three-quarters of his earned income by way of direct Income Tax and Surtax combined.
§ Sir E. BoyleTo reduce the top rate of Surtax on earned income to 7s. 3d., so that in no case did an extra £1 of earnings bear more than 15s. in tax, would cost about £7 million in a full year.
§ 65. Mr. Peytonasked the Chancellor of the Exchequer what would be the loss in revenue if the starting point of Surtax on earned income were to be £6,000 per annum instead of £2,000, as at present.
§ Sir E. BoyleAbout £60 million in a full year on the assumption that present166W Surtax rates on successive slices of earned income above £2,000 were charged on the corresponding slices of such income above £6,000.