§ Mr. David Priceasked the Chancellor of the Exchequer what is his estimate of the number of taxpayers who in 1973– 118W 74 will have incomes above one-and-a-half times average national earnings, and of the total tax yield for 1973–74 from such taxpayers; and what is his estimate of the different additional tax yields accruing to the Revenue if such taxpayers were taxed on all income above one-and-a-half times national earnings at the marginal rate of 50 per cent., 60 per cent., 70 per cent., 80 per cent., 90 per cent. and 100 per cent. respectively.
§ Mr. Nott,pursuant to his reply [OFFICIAL REPORT, 3rd April 1973; Vol. 854, c. 82], circulated the following reply:
It is estimated that in 1973–74 about 4½ million taxpayers will have incomes above one-and-a-half times present average earnings and will be liable to pay about £4,200 million in income tax. The estimated additional tax which would arise from applying the marginal rates quoted to the excess over one-and-a-half times average earnings is as follows:
Marginal rate % Yield £ million 50 … … … … 650 60 … … … … 1,200 70 … … … … 1,800 80 … … … … 2,350 90 … … … … 2,900 100 … … … … 3,450