§ 33. Mr. Marksasked the Chancellor of the Exchequer what estimate he has made of the loss of revenue resulting from a cut of 1s. in the standard rate of income tax and of the consequential reduction in the weekly tax payments for a married man with one child earning £15, £25, £50 and £100, respectively, and receiving £100 per week unearned income.
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§ Mr. TaverneThe loss of revenue would be £365 million for a full year. Assuming the child was under 11, the reduction in tax payments in the quoted cases of earned income would be nil, and about 5s., £1 4s. 6d., and £3 6s. 0d. a week respectively. For the last case the reduction would be £222 10s. 0d. for the full year—about £4 5s. 6d. in weekly terms.