§ Mr. Whitakerasked the Chancellor of the Exchequer what is his estimate of the amounts by which earned Income Tax could be reduced if there was an annual wealth tax of 3 per cent., if there was an annual wealth tax of 5 per cent., and if unearned Income Tax was doubled.
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§ Mr. Harold LeverIt is not possible to make a realistic estimate of the yield of a wealth tax at these rates without knowing what exemptions are proposed. As regards the rate of Income Tax on income other than earned income, I am not clear whether my hon. Friend contemplated that the total rate, including Surtax, would be limited to 20s. in the £.