Predictable revenue book pdf

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England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century. Income tax was levied under five schedules. Income not falling within those schedules was not taxed. Addington had taken over as prime minister in 1801. Considerable controversy was aroused by the malt, house and windows and income taxes. 1822, it produced over 10 percent of government’s annual revenues through the 1840s.

1841 general election, but a growing budget deficit required a new source of funds. It was implicitly financed by postponing maintenance and repair, and canceling unneeded projects. The government avoided indirect taxes because they raised the cost of living, and caused discontent among the working class. The public generally supported the heavy new taxes, with minimal complaints. The Treasury rejected proposals for a stiff capital levy, which the Labour Party wanted to use to weaken the capitalists. Excise taxes were added on luxury imports such as automobiles, clocks and watches. There was no sales tax or value added tax.

The main increase in revenue came from the income tax, which in 1915 went up to 3s. Altogether, taxes, provided at most 30 percent of national expenditures, with the rest from borrowing. Government bonds typically paid five percent. Inflation escalated so that the pound in 1919 purchased only a third of the basket it had purchased it 1914.

Wages were laggard, and the poor and retired were especially hard hit. Britain’s income tax has changed over the years. Also the schedules under which tax is levied have changed. Schedule B was abolished in 1988, Schedule C in 1996 and Schedule E in 2003. The highest rate of income tax peaked in the Second World War at 99. It was slightly reduced after the war and was around 97.