The Surtax is indeed only a Capital Levy under another
name. It would be interesting to know how the Labour Party justifies the expectation that £85,000,000 a year could be raised by it. Professor Bowley and Sir Josiah Stamp have calculated, if our memory does not mislead us, that if the excess income of those families which have more than £500 a year were dis- tributed among families which have less, the benefiting families would get only an increase of 5s. a week. Apparently Professor Rowley and Sir Josiah Stamp place the excess income of those families which have more than £500 a year at only a small part of the Labour Party estimate. Who is more likely to be right ? There are some foolish private resolutions on the agenda, as, for instance, one which would ban any member of the party who writes for the " Capitalist Press." Many Othellos at the head of the party would certainly find their occupation gone. What will Mr. MacDonald, Mr. Snowden and Mr. Thomas say ?
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