§ 90. Mr. Lewisasked the Chancellor of the Exchequer what was the percentage of the net income of a married man with two children, having a gross income of £400, £500, £5,000, £10,000 and £20,000 per annum, respectively, which was saved by reduced Income Tax in each of the financial years from 1951 until 1959–60.
Mr. AmoryThe following table shows, for a married man with two children, the saving in Income Tax (including Surtax) for each of the years 1951–52 to 1959–60 expressed as a percentage of the net income remaining after giving effect to the tax changes.
If the rates of tax were increased to 100 per cent. on the whole slice of income over £3,000, the additional yield would be little more than one-third of the produce of Purchase Tax.