The Express.
London, England, 1848-03-04 00:00:00

£4.183,761
3,600,000

Surplus
These were the two cslculations he had made, but he
feared he had not succeeded in making them intelligible to
the house. (lieu.) The latter part of the plan, however,
he thought, if the house would favour him with its atten-
tion, he should be enabled to explain more clearly. (Hear,
beer.) It was the great defector the present act, that under
schedule D. we had two different closes of laconic, viz.,
those arising from trade, manufactures, and commerce, and
those upon professions. He propreed to retain the same num-
ber of schedules as in the present act, but to cast them diffe-
rently. Incomes arising from professions he would take from
schedule Vend place in schedule E, which refereed to incomes
also of a precarious and terminable nature, vie. emoluments
arising from public offices, leaving " I)" entirely for incomes
arising from trade, commerce, and manufsctures. And the
wale of tax he would then propose would be as follows: On
incomes included in schedules A and C he proposed an ad&
tion of one penny to the present rate of tax, making eight-
pence in the pound. (Hear, hear.) On incomes which
would be included in schedule F., viz , professions and emo-
ailments from public offices, he proposed that the tax should
he timepiece in the pound—(cheen)— and upon incomes in-
cluded in tchedule D, viz., trade, commerce, &c., he pro
posed the intermediate rate of sixpence in the pound—(much
cheering)—leaving Bas at present. By this sit. ht increase
on schedule A, they would relieve all the other classes, and
raise a revenue more than equal to that derived
from the tax, end without thou vexatious objections so
which the impost, as now levied, was liable. Ile assumed
that two-thirds of the present payment under D was from
business end one-third from prolosions; and taking the
Beds from from the present tax as a bun, the result width' be :
Schedule A, at t 3 6 8 per cent., would produce... £2,894,000 at lid.
B (le now) .. 321,339
C, at 3 6 8 „ 1,9 ... 849,363 at Bd.
Dolt 210 0 „ OP ... 959,000 at lA.
„ 3,st 113 4 „ ... 233,798 at 4d.
Total £3,581,030
—(sheen)—instead of 5,600,0001., which had been the pro-
duce of the last year. But ministers calculated, in their
budget for the ensuing year, the income tax as pro-
ducing only 6,200,0001. His plan would give them a
surplus beyond this amount of 381 0301. (Much cheering.)
He was aware that the plan he bad thus ventured to submit
might be taken to be liable to many objections, but then
what he contended was that it was far less objectionable than
the present act, which imposed 7d. is the pound •zi all in-
comes, from whatever source arising. (Hear.) His !impo-
sition would at all evente fall more equally on the several
classes of income than the present, and he believed the scale
he proposed was so far just that it made a difference between
those incomes which were permanent, and which repre-
sented accumulated capital—thoseich which represented capital
and labour, sad those wh represented labour and skill
only. (Hear, hear.) It had also this recommendation, that
it would relieve those who were most oppressed by the tax,
as now imposed, while the only additional burden which
would be thrown upon any class was the extra penny in the
pound on permanent incomes —(hear, hear)—a burden which
he believedwould be cheaply purchased by the large amoutit
of relief it would give to other Hawes, the satiefac.ion with
which the change would be received by the country gene-
rally, and the ease with which the tax would be collected.
(Hear, hear.)
The motion having been seconded,
Mr. E. ELLICE roes to explain the grounds on which he
thought it essential under present circumstances, even
though he should be acting against opinions he had pre-
viously expressed in that house, to give a firm and derided
support to minister, on this occasion. (Hear, hear.) While
raddled that there were inequalities and anomalies in the
now imposed, the peculiar circumstances of the
time were such as should induce them to pause before they
adopted any new experiments, or even entered into their
consideration. He had supported the imposition of the tax
on a former occasion as the only.mearis of placing the finances
of the country in that position in which they ought to stand,
and also asthe means of enabling government to make certain
reforms in our fiscal arrangements--to unfetter the industry
of the country, and
.give a new impetus to commerce. The
results he had anticipated, both in giving relief to trade and
replenishing the exchi quer bad been tully realised by the
tax. (Oh, oh.) He had supported the proposition of the
hon. member for Bath to tax precarious incomes to
only half the amount of permanent incomes, and had also
supported the motion fur an inquiry, with the view
of arriving at some more equitable arrangement in re-
gard to the legacy and probate duties. (Hear, bear.)
He bad not altered his opinion upon these points, and he
thought the time had nearly arrived when this boon must
review the whole system of taxation, and determine what
portion of it should remain in the shape of direct taxes, and
what portion the industry of this country might yet be able
to bear in the shape of indirect taxation. (Hear.) But he
contended that this question of the income tax should be left
in its present state until that time arrived. So far as
was consetent with the true interests of this great
country he should, in the select committee on the public
expenditure, be willing to carry out economy.
Mr. NEWDEGATE opposed the amendment, because he
objected to do anything that should give a permanent cha-
racter to this tax. (Hear, hear.) The deficiency in the
revenue was the result of the policy in which
this tax had originated, and had been foretold by
him and his friends (the protectionists) at the time.
They were told that the present condition of the commer-
cial classes was such that they could not bear the burdea of
an income tax; but that was not very consistent with the
declaration of Sir B. Peel in proposing it, and of those free.
traders who supported it, that the new commercial policy
which they had introduced would so improve those claws
as fully to compensate them for this additional burden. The
hon. gentlemen here catered into a statement of figures
showing that while the products of this country wbl
formed the elements of our exports had been depreciated fa
the five years from 1841 to 1846 17 per cent , our impure
had increased during the same period from 64377,0004
which they were in 1841, to 76,053 0001., which they weal
in 1846, being an increase if 11,676,000 e Be that while war
imports had increased 18 per nut., our exports, with all oar
exertions, and after a sacrifice of 17 per cent. of the value,
fell short of our imports, and turned the balance of
trade against us to the extent of 6 per cent. He
maintained, therefore, that if they persisted in
fostering imports they would not only incapacitate the
merchants and ruin the manufacturers but risk the null of
the country by creating a deficiency in the revenue.
Mr. GOULBURN wee anxious to say a few words on the
subject of the income tax, believing that its continuance was
essential to the maintenance of the public credit, and with
that credit the best interests of the country. He would not
enter upon the considerations suggested by his hon. friend
who had just spokes, but confine himself to the question be•
gars rte house. which was whither it was right to modify