The new taxes, Mr. Chamberlain continued, would not include a
Luxury Tax nor any increase of the Income Tax and Super Tax, which were the subject of a full inquiry by a Royal Commission. He proposed to raise £19,850,000 by increasing the duty on proof spirits from 30s. to 60s. a gallon, while maintaining the maximum prices now charged to the consumer. He assumes that the trade will pay out of its abnormal profits. The duty on beer would be increased from 50s. to 70s, a standard barrel. More beer and better beer would be brewed, up to twenty million barrels, as compared with thirty-six million barrels before dm war. The increase of revenue this year would be £22,200,000. The Excess Profits Duty would be continued for this 3-ear at half the existing rate, or 40 per cent., yielding £50,000,000. The Death Duties on estates over £15,000 in value would be raised ; estates worth over £2,000,000 would pay 40 per cent., or double the present rate. The yield in a full year would be £10,000,000. Mr. Chamberlain denounced in the strongest terms the mad proposals for a " levy on capital," which would reduce the revenue, besides upsetting the whole industrial and social fabric. The heavy Income Tax and Super Tax and
Death Duties could, however, be paid without causing dis- turbance, and must be regarded as an insurance for capital.
