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Tax-payers' money. Scrupulously honourable, and niggardly. Good Lord!" There are many solicitors in London who make larger incomes than Mr. Dane-Latimer, though he does very well and pays a considerable sum every year by way of super-tax. There are certainly solicitors with firmly established family practices, whose position is more secure than Mr. Dane-Latimer's.
If Liberal policy has committed itself not only to the discrimination of earned and unearned incomes but also to a super-tax on large incomes from whatever source, the ground principle, again, I take to be a respectful doubt whether any single individual is worth to society by any means as much as some individuals obtain.
To meet a higher income tax there will be pressure to increase salaries paid by the Government and all public authorities. An official salary fixed at £5,000 a year when income tax was one shilling and sixpence, may be thought insufficient when it is nearly ten shillings including super-tax. Persons have incurred liabilities for rent and other fixed payments which they are not able to reduce.
Paying away four thousand a year in income and super-tax, one could not very well be worse off! A fortune of a quarter of a million, encumbered only by a wife and one daughter, and very diversely invested, afforded substantial guarantee even against that "wildcat notion" a levy on capital.
"It's not much to support a title, after the tax-gatherers have taken their pound of flesh in income tax and super-tax," said Austin. "Robert, with his iron frame, will probably outlive a weakling like myself, but if he doesn't I'm sure I shall find it difficult to keep up the title on the money." "One word!" said Dr. Ravenshaw, with a quick glance at Robert Turold.
And he really believed that he had had no luck, though the fact was that he touched no enterprise that failed. Every year he signed a huger cheque for super-tax, and every year he signed it with a gesture signifying that he was signing his own ruin.
There is the increase in the income-tax of twopence, the further discrimination between earned and unearned income, and the super-tax of sixpence on incomes of over £5,000 a year.
On the whole, then, we may take it that the principle of the super-tax is based on the conception that when we come to an income of some £5,000 a year we approach the limit of the industrial value of the individual. We are not likely to discourage any service of genuine social value by a rapidly increasing surtax on incomes above that amount.
An increase of a penny in the stamp duty on cheques is estimated to bring in £750,000 this year and a million in a full year, and the increases in the income tax and the super-tax will bring in £23 millions in the present year and £61 millions in a full year. Increases in postal charges will bring in £3-1/2 millions this year and £4 millions in a full year.
So that what we want is an extended, reformed and better graduated form of the super-tax brought down so low that every one who is not merely rich but comfortable should pay his share, For example, any single man or woman with any excess over £500 a year of unearned income, or over £800 a year of earned income might well pay super-tax on that excess.
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