We have written elsewhere of the Budget, which Mr. McKenna
explained with equal brevity and lucidity in the House of Commons on Tuesday. Here we wish simply to summarize its contents. According to the estimate, the expenditure in the present financial year will reach the colossal amount of 21,590,000,000. On the scheme of taxa- tion in force up to the introduction of the new Budget the revenue for the year would have amounted to only £272,000,000. The Chancellor of the Exchequer hopes that his Budget will bring in an additional sum of nearly £33,000,000 for the remainder of the current year and a little more than £107,000,000 in a full financial year. The expected increase of revenue is as follows :- For the rest of the present financial For a full financial
year. year.
Income Tax... ... 411,274,000 ... 244,400,000 Super Tax 2,150,000 ... 2,685,000 Excess Profits Tax,.. 6,000,000 80,000,000 Customs Duties 11,500,000 ... 26,070,000 Postal Rates •. 1,980,000 ... 4,975,000
Totals ... £32,904,000 ... £107,130,000
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