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. (H. H. Asquith)

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.

H. H. Asquith

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