The Income Tax at 6s., 5s., 4s. 6d.-I go further, and say, even at 4s.-is, in my opinion, a bad and pernicious form of capital levy... The effect of such an Income Tax...is not merely to curtail the enjoyments and comforts of a large number of our middle classes. Its effect is to dry up the stream which fertilises the whole field of employment and of industry. I should have thought that no class of the community is more directly interested in a reduction of the Income Tax to-I will not say the pre-War standard, for that is out of sight now, and an utter impossibility-but to a reasonable and moderate standard, than those people who gain their living by the work of their hands. It is not a class question at all. It affects the interests of the whole business world and the whole future of British trade.