Growth and subsequent reduction of other unfunded debt Results of conversion operations prior to 31st March, 1926 Attachment to loans of special taxation privileges Interest charge and prospects of reduction through conversions SECTION IV.-The Incidence and Effects of Existing Taxes: The principle of progressive income taxation Post-war rates of tax and graduation Effect on the work and enterprise of the employee and Transfer of residence abroad, etc. Income Tax and the Private Business: Physical effect of the tax on saving and enterprise Psychological effect of the tax on saving and enterprise : General effects of the Customs and Excise duties ... The effect of the Customs and Excise duties on saving SECTION V.-The Burden of the Debt and Existing Taxation: Psychological effects of a levy on saving and enterprise... SECTION II-Schemes of Taxation and Debt Repayment: Annual tax on capital: increased taxation of investment income ... ... ... Flat rate tax on production, suggested by Mr. P. D. Leake ... ... ... ... ... ... ... 297 303 306 ... A variant on Professor Rignano's scheme, suggested by Dr. (ii) Taxation under the Sinking Fund policy List of Witnesses appearing before the Committee MINORITY REPORT. 329 344 352 ... Conclusions as to effects of the debt upon distribution of ... ... ... ... ... ... wealth and income The debt and the price level Comparison with the period following the Napoleonic Wars 366 Annexe-Composition of the debt as at 31st March, 1926, and dates of maturity of loans ... PAGE PART III-Methods of Debt Reduction: Sinking Funds and Conversions: The Sinking Funds Reduction of the debt burden by conversion PART IV. The Capital Levy: Nature of levy scheme The case for the Capital Levy: Reduction of debt ... ... Net annual saving on the Budget ... ... The equitable case against a levy ... First conclusion on the equity of a levy Practical considerations in regard to a levy: General practicability Problems of valuation 390 393 397 398 398 400 401 403 ... 403 404 Destruction of capital Flight of capital Effect of a levy on the prices of securities 405 406 407 Effect of a levy on credit and the general price level 408 Payment of a levy by private businesses, etc. 410 The levy and unemployment 410 ... Conclusions as to a Capital Levy 411 Annexe Certain aspects of the difference between the gross and net saving from a levy 412 ... PART V. Proposed Alternative Means of Debt Reduction: Possibilities of an Inheritance Tax The Rignano proposal for modification of Estate Duty NOTE. In addition to this Report, the following volumes are published : Appendices to the Report of the Committee. Minutes of Evidence taken before the Committee. References. The following examples show the method of indicating references to the above volumes in the Report of the Committee : E. in C. 3 indicates paragraph 3 of the evidence in chief Appendix VII indicates an Appendix in the volume of Ev. Appendix VII indicates an Appendix printed at the end |