Modern Age - Fall 2015 - 44

MODERN AGE

FALL 2015

that property was a good measure of faculty in a primitive economy but that it had become progressively less comprehensive,
as an increasing proportion of income seemed to be generated
without involving much visible property.
When the British prime minister William Pitt was scrambling
for revenue to fight the war against Napoleon, he proposed a
"property tax" that was, in fact, an income tax. It was adopted in
1806. It relied heavily on "stoppage" (withholding at the source),
but there were many difficulties in compliance in that era, when
the few written records were considered strictly confidential. One
device was to establish committees of men in the same occupation and city who were charged with estimating the income
for each of their competitors. The British tax was so thoroughly
reviled, especially for its highly intrusive implementation, that
when the wars ended and the budget stabilized in 1816, the tax
was abolished and Parliament voted to destroy all the records,
as had been done with the income tax of 1404. Despite the public bonfire of destruction, the income tax administrator secretly
retained a duplicate set (Adams, 347).
In 1842 Prime Minister Robert Peel persuaded Parliament to
reinstate the income tax temporarily until the budget was in balance. It never was repealed, nor was the initial 3 percent flat rate
maintained. The top rate on earned income peaked at 83 percent
before 1979, with a surcharge of 15 percent on investment income
above 7,100 pounds. The U.S. had a top rate in excess of 90 percent
in the 1950s. So much for the assertions of Seligman, the great
champion of the income tax for the U.S., that "the moderate rate
[less than or equal to 6 percent] has been an important factor in
the success of the income tax [in Great Britain]," and, with respect
to Italy, "Obviously an income tax running up to twenty per cent,
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Modern Age - Fall 2015

Table of Contents for the Digital Edition of Modern Age - Fall 2015

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