Immense Rearmament programme Makes Higher Taxation Rate e Unavoidable London, Apr. 21. N increase in the standard rate of Income Tax by 3 from 4/9 to 5/~ in £1, was announced in the House of Commons to-day by the Chancellor of the Exchequer, Mr. Neville Chamber-Jain, in presenting his sixth and probably his last Budget.
Mr. Chamberlain also announced the creation of a new levy, the Growth of Profits Tax, appli lieable to all persons engaged in industry, trade and business whose profits exceed £2,000 per annum, and estimated that it woul 000 in a full year. He described bution towards national defence.
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