We have discussed the Budget in ,a-leading article and here
we need not do more than summarise the main facts. Although Income Tax has been raised from 4s. to 4s. 6d. the new graduation saves about three quarters of the payers from any appreciably increased charge. The most important point in the new graduation is that the de- duction of tax at half the standard rate on - an amount of income not exceeding £225 to' be increased to a deduction of tax at five-ninths of the standard rate on an amount of income not exceeding £250: AS for the Surtax on 'incomes over £2,000, the initial tax of 9d. is raised to is. and the rates will proportionally increase so that the man with an income of more than 150,000 will pay a Surtax of 7s. 6d. in the pound instead of Os. as now. Under the head of Death Duties there will be an increase of rates ranging from 1 per cent. on estates, of over /120,000 to 10 per cent. on .estates of oyez' '12,000;000." Thus an estate of over /2,000,000 will pay. 50 per Cent. instead of 40 per cent.
