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I want to tell you that both of us want to see it removed just as soon as circumstances will permit, but the President-elect has told me that he has concluded that until his administration, and this Congress, can examine the appropriation bills, and each item in the budget, and can ascertain that the facts justify permitting the surtax to expire or to be reduced, he, Mr.
By the new agreement there is to be an immediate revision of tariff valuations so as to make the 5 per cent. effective. China is also to be allowed to levy a surtax on certain articles, mainly luxuries, which will yield an additional revenue. It is estimated that the total annual increase in revenue derived from maritime customs will be about $150,000,000 silver.
Nixon, will support my recommendation that the surtax be continued. Americans, I believe, are united in the hope that the Paris talks will bring an early peace to Vietnam. And if our hopes for an early settlement of the war are realized, then our military expenditures can be reduced and very substantial savings can be made to be used for other desirable purposes, as the Congress may determine.
Rich people, since the income tax, are officially those who pay the tax but not the surtax. Families with an income not less than four thousand dollars nor more than twenty thousand comprise the harmless, middling rich. Let us once for all admit that in the surtaxed classes there are many cases of quite harmless wealth, while in the lower level of the rich, harmful wealth will sometimes be found.
I have referred to preference, but there is another proposal. The right hon. gentleman the Member for St. George's, Hanover Square, put forward a proposal earlier in the year, and it was renewed in a slightly different form by Mr. Deakin at the Conference. The proposal was to impose a 1 per cent. ad valorem surtax on all foreign merchandise coming into the ports of the British Empire.
I want to tell you that both of us want to see it removed just as soon as circumstances will permit, but the President-elect has told me that he has concluded that until his administration, and this Congress, can examine the appropriation bills, and each item in the budget, and can ascertain that the facts justify permitting the surtax to expire or to be reduced, he, Mr.
This budget anticipates the extension of the surtax that Congress enacted last year. I have communicated with the President-elect, Mr. Nixon, in connection with this policy of continuing the surtax for the time being.
The lowest rates were those granted the United Kingdom; then came the intermediate tariff, for the products of countries giving Canada special terms; next the general tariff; and, finally, the surtax for use against powers discriminating in any special degree against the Dominion.
After four years' deliberation Canada eventually retaliated by imposing on German goods a special surtax of thirty-three and one-third per cent. The trade of both countries suffered, but Germany's, being more specialized, much the more severely. After seven years' strife, Germany took the initiative in proposing a truce.
But this soft answer did not turn away Teutonic wrath; so in 1903 Canada retorted in kind, by levying a surtax of one-third on German goods. The war of tariffs lasted seven years. While it hampered the trade of both countries, German exports were much the hardest hit.
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