"much more common. The peerage ceased to be associated with wealth or land ownership. At the beginning of the century, however, such associations remained for some time. In 1909, Chancellor of the Exchequer David Lloyd George proposed the introduction of a land tax, which the landowning peers opposed. The House of Lords rejected the budget. After the general election of January 1910, the returned government introduced the Parliament Bill, which sought to curtail the powers of the Lords. When the Lords attempted to block the bill, the prime minister, Herbert Henry Asquith, threatened to have the king create two hundred"
"Hugh Dalton Edward Hugh John Neale Dalton, Baron Dalton, (16 August 1887 – 13 February 1962) was a British Labour Party economist and politician who served as Chancellor of the Exchequer from 1945 to 1947. He shaped Labour Party foreign policy in the 1930s, opposing pacifism and promoting rearmament against the German threat, and strongly opposed the appeasement policy of Prime Minister Neville Chamberlain in 1938. Dalton served in Winston Churchill's wartime coalition cabinet; after the Dunkirk evacuation he was Minister of Economic Warfare, and established the Special Operations Executive. As Chancellor, he pushed his policy of cheap money too"
"for elderly workers, thereby laying the groundwork for the future British welfare state. The People's Budget of 1909, championed by David Lloyd George and fellow liberal Winston Churchill, introduced unprecedented taxes on the wealthy in Britain and radical social welfare programmes to the country's policies. It was the first budget with the expressed intent of redistributing wealth among the public. It imposed increased taxes on luxuries, liquor, tobacco, incomes, and land, – taxation that disproportionately affected the rich – so that money could be made available for new welfare programmes as well as new battleships. In 1911 Lloyd George succeeded"
"People's Budget The 1909/1910 People's Budget was a proposal of the Liberal government that introduced unprecedented taxes on the lands and high incomes of Britain's wealthy to fund new social welfare programmes. It passed the House of Commons in 1909 but was blocked by the House of Lords for a year and became law in April 1910. It was championed by the Chancellor of the Exchequer, David Lloyd George, and his young ally Winston Churchill, who was then President of the Board of Trade and a fellow Liberal; called the ""Terrible Twins"" by certain Conservative contemporaries. Churchill's biographer, William Manchester,"
"Surtax A surtax may be a tax levied upon a tax, or a tax levied upon income. In 1929, Supertax (which had been introduced in the Finance Act 1909 at the rate of 6 old pence in the pound (2.5%) on incomes over £5,000 per year) was renamed Sur-tax. By 1934, the rate was variable from 1 shilling to 7 shillings and sixpence in the pound (5% to 37.5%). It was replaced by income tax in 1973. Previous examples of a broadly levied surtax in the United States include one imposed to help finance the Vietnam War during the Lyndon"
"the French, but its reintroduction in 1803 set the pattern for all future taxation in Britain. While the tax was again repealed following the victory at Waterloo, the advantages of such taxation were now obvious. In 1841 following the election victory of Sir Robert Peel, the exchequer was so depleted that the tax made a surprise return on incomes above £150 while still known as a ""temporary tax"". It was never again to be repealed. Throughout the 19th century, tax thresholds remained high, permitting the wealthy to live comfortably while paying minimal tax; until in 1907, H. H. Asquith introduced"
"'differentiation', a tax designed to be more punitive to those with investments rather than an earned income, which directly hit the aristocracy and gentry. Two years later, Lloyd George in his People’s Budget of 1909 announced plans for a supertax for the rich, but the bill introducing the tax was defeated in the House of Lords. Any respite this defeat gave the owners of large country houses, many of them members of the House of Lords, was to be brief and ultimately self-defeating. The bill's defeat led to the Parliament Act 1911 which removed the Lords' power of veto. In"
"presented by Union Finance Minister Arun Jaitley on 28 February 2015. The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually. The Wealth Tax Act, 1957 governed the taxation process associated with the net wealth that an individual, a Hindu Undivided Family (HUF), or a company possesses on the valuation date. The valuation date was an important component in the calculation of the Wealth Tax. The net wealth that an assessee possessed on the valuation date determined the amount of tax. The valuation date"
"by a large increase in marginal tax rates for wealthy business owners in particular, as part of what the Labour government largely saw as the redistribution of the wealth created by the working-class from the owners of large-scale industry to the workers. On the ""appointed day"", 5 July 1948, having overcome political opposition from both the Conservative Party and from within his own party, and after a dramatic showdown with the British Medical Association, which had threatened to derail the National Health Service scheme before it had even begun, as medical practitioners continued to withhold their support just months before"
"same financial advisors throughout his reign. For instance, other than the first few months of the reign, Lord Dynham and Thomas Howard, earl of Surrey were the only two office holders in the position of Lord High Treasurer of England throughout his reign. Henry VII improved tax collection within the realm by introducing ruthlessly efficient mechanisms of taxation. He was supported in this effort by his chancellor, Archbishop John Morton, whose ""Morton's Fork"" was a catch-22 method of ensuring that nobles paid increased taxes. Morton's Fork may actually have been invented by another of Henry's supporters, Richard Foxe. However, whether"
"election, but a growing budget deficit required a new source of funds. The new income tax, based on Addington's model, was imposed on incomes above £150. Although this measure was initially intended to be temporary, it soon became a fixture of the British taxation system. A committee was formed in 1851 under Joseph Hume to investigate the matter, but failed to reach a clear recommendation. Despite the vociferous objection, William Gladstone, Chancellor of the Exchequer from 1852, kept the progressive income tax, and extended it to cover the costs of the Crimean War. By the 1860s, the progressive tax had"
"Nicholas Vansittart, 1st Baron Bexley Nicholas Vansittart, 1st Baron Bexley PC FRS FSA (29 April 1766 – 8 February 1851) was an English politician, and one of the longest-serving Chancellors of the Exchequer in British history. The fifth son of Henry Vansittart (died 1770), the Governor of Bengal, Vansittart was born in Bloomsbury, Middlesex, and raised in Bray, Berkshire. Educated at Christ Church, Oxford, he took his degree in 1787, and was called to the bar at Lincolns Inn. From the early 1770s he was living with his mother at 60 Crooms Hill, Greenwich. Vansittart began his public career by"
"Capital Gains Tax (CGT) was introduced across the UK on 6 April 1965. Across his two periods in office, Wilson presided over significant increases in the overall tax burden in the UK. In 1974, three weeks after forming a new government, Wilson's new chancellor Denis Healey partially reversed the 1971 reduction in the top rate of tax from 90% to 75%, increasing it to 83% in his first budget, which came into law in April 1974. This applied to incomes over £20,000 (equivalent to £ in ), and combined with a 15% surcharge on 'un-earned' income (investments and dividends) could"
"II in 1188 to raise money for the Third Crusade. The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. The inception date of the modern income tax is typically accepted as 1799, at the suggestion of Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old"
"of an American billionaire property developer. Sir Winston referred to his father's career in several of the last chapters of ""A History of the English-Speaking Peoples"" written in Winston's 'wilderness years' in the inter-war years before he was recalled to the cabinet. Lord Randolph Churchill Lord Randolph Henry Spencer-Churchill (13 February 1849 – 24 January 1895) was a British statesman. Churchill was a Tory radical and coined the term 'Tory democracy'. He inspired a generation of party managers, created the National Union of the Conservative Party, and broke new ground in modern budgetary presentations, attracting admiration and criticism from across"
"imposed a series of taxes devised by his Chancellor, Thomas Wolsey (in office 1515–1529). Soon the people began to resent Wolsey's taxes and the administration had to find a new source of finance: in 1544, Henry reduced the silver content of new coins by about 50%; he repeated the process to a lesser extent the following year. This, combined with injection of bullion from the New World, increased the money supply in England, which led to continuing price inflation. This threatened landowners' wealth, which encouraged the landowners to become more efficient, and they saw enclosure as a way of doing"
"the Alternative Minimum Tax code in the United States. A surtax was proposed as part of the 2009–2010 health care reform in the United States. Surtax A surtax may be a tax levied upon a tax, or a tax levied upon income. In 1929, Supertax (which had been introduced in the Finance Act 1909 at the rate of 6 old pence in the pound (2.5%) on incomes over £5,000 per year) was renamed Sur-tax. By 1934, the rate was variable from 1 shilling to 7 shillings and sixpence in the pound (5% to 37.5%). It was replaced by income tax"
"on each adult, this made the tax system less progressive (as it no longer only taxed wealth). The first modern income tax was introduced in Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War. Pitt's new graduated (progressive) income tax began at a levy of 2 old pence in the pound (1/120) on incomes over £60 and increased up to a maximum of 2 shillings (10%) on incomes of over £200. Pitt hoped that the new income tax would raise £10 million, but actual"
"assessment of future public expenditure, Asquith was able, in his second and third budgets, to lay the foundations for limited redistribution of wealth and welfare provisions for the poor. Blocked at first by Treasury officials from setting a variable rate of income tax with higher rates on those with high incomes, he set up a committee under Sir Charles Dilke which recommended not only variable income tax rates but also a supertax on incomes of more than £5,000 a year. Asquith also introduced a distinction between earned and unearned income, taxing the latter at a higher rate. He used the"
"raise taxes, which was recommended by both the Treasury and Prime Minister Walter Nash (himself a former Minister of Finance). The budget increased social security benefits but was very unpopular, not least with Labour's traditional working-class supporters. The term 'black budget' is believed to have been coined by union leader Fintan Patrick Walsh, but was taken up by the National Party opposition, and became the commonly used term for the budget. Rises in income tax levels hurt single earners and childless families the most. The budget was prepared by the cabinet finance committee of Walter Nash, Arnold Nordmeyer, Phil Holloway"
"are the basis for state revenues, and income tax and corporate tax are the basis for national revenues. The practice of presenting budgets and fiscal policy to parliament was initiated by Sir Robert Walpole in his position as Chancellor of the Exchequer, in an attempt to restore the confidence of the public after the chaos unleashed by the collapse of the South Sea Bubble in 1720. Thirteen years later, Walpole announced his fiscal plans to bring in an excise tax on the consumption of a variety of goods and services josh, such as wine and tobacco, and to lessen the"
"volumes of Vansittart's papers in the British Library. Nicholas Vansittart, 1st Baron Bexley Nicholas Vansittart, 1st Baron Bexley PC FRS FSA (29 April 1766 – 8 February 1851) was an English politician, and one of the longest-serving Chancellors of the Exchequer in British history. The fifth son of Henry Vansittart (died 1770), the Governor of Bengal, Vansittart was born in Bloomsbury, Middlesex, and raised in Bray, Berkshire. Educated at Christ Church, Oxford, he took his degree in 1787, and was called to the bar at Lincolns Inn. From the early 1770s he was living with his mother at 60 Crooms"
"years when a budget surplus has been delivered, twice whilst the Conservative's John Major was Chancellor of the Exchequer in 1988 and 1989 and four times whilst Labour's Gordon Brown was Chancellor, in 1998, 1999, 2000 and 2001. Because of the multiplier effect, it is possible to change aggregate demand (Y) keeping a balanced budget. Suppose the government increases its expenditures (G), balancing the increase by an increase in taxes (T). Since only part of the income taken away from households would have actually been spent, the change in consumption expenditure will be smaller than the change in taxes. Therefore,"
"the Treasury was called the Lord Treasurer. Starting in Tudor times, the Lord Treasurer became one of the chief officers of state, and competed with the Lord Chancellor for the principal place. In 1667, Charles II of England was responsible for appointing George Downing, the builder of Downing Street, to radically reform the Treasury and the collection of taxes. The Treasury was first put in commission (placed under the control of several people instead of only one) in May or June 1660. The first commissioners were the Duke of Albermarle, Lord Ashley, (Sir) W. Coventry, (Sir) J. Duncomb, and (Sir)"
"so-called ""People's Budget"" of 1909. In this Budget, the Chancellor of the Exchequer David Lloyd George proposed the introduction of a land tax based on the ideas of the American tax reformer Henry George. This new tax would have had a major effect on large landowners, and was opposed by the Conservative opposition, many of whom were large landowners themselves. The Conservatives believed that money should be raised through the introduction of tariffs on imports, which they claimed would help British industry. Contrary to British constitutional convention, the Conservatives used their large majority in the Lords to vote down the"
"£211m), but increased taxes by less than the Treasury wanted. The budget introduced ""the Regulator"", which allowed the Chancellor of the day to vary the rate of most indirect taxes by up to 10% of the existing rate (""not"" ten percentage points) without the need for prior Parliamentary approval, although Parliament had to approve within three weeks. Another measure, effectively a second Regulator (brought in over the objections of John Boyd-Carpenter, Minister of Pensions and National Insurance) allowed the Chancellor to increase Employers' NICs by up to 4 shillings per week. Lloyd also raised the threshold for surtax on earned"
"in order to be free to campaign for Tariff Reform. Among those opposing Chamberlain was the Chancellor of the Exchequer, Charles Thomson Ritchie, who, guided by the free-trade ideas of the leading economists of the time, such as Sir William Ashley, was vigorously opposed to any scheme of Imperial Preference. This ultimately resulted in a damaging rift within Balfour's Conservative-Unionist coalition government, contributing to its defeat in the 1906 elections. During the 1920s, Imperial Preference became popular once more, mostly through the good will of Lord Beaverbrook and his ""Daily Express"", once Lloyd George was ejected from office. Unfortunately for"
"were officially denied by William Heseltine, the Private Secretary to the Sovereign. Thatcher later wrote: ""I always found the Queen's attitude towards the work of the Government absolutely correct ... stories of clashes between 'two powerful women' were just too good not to make up."" Thatcher's economic policy was influenced by monetarist thinking and economists such as Milton Friedman and Alan Walters. Together with Chancellor of the Exchequer Geoffrey Howe, she lowered direct taxes on income and increased indirect taxes. She increased interest rates to slow the growth of the money supply and thereby lower inflation, introduced cash limits on"
"Conservatives) won an overwhelming victory, MacDonald designated Chamberlain as Chancellor. Chamberlain proposed a 10% tariff on foreign goods and lower or no tariffs on goods from the colonies and the Dominions. Joseph Chamberlain had advocated a similar policy, ""Imperial Preference""; Neville Chamberlain laid his bill before the House of Commons on 4 February 1932, and concluded his address by noting the appropriateness of his seeking to enact his father's proposal. At the end of the speech, Sir Austen Chamberlain walked down from the backbenches and shook his brother's hand. The Import Duties Act 1932 passed Parliament easily. Chamberlain presented his"
"for the legacy of Dalton's Town Development Bill, which encouraged urban overfill schemes and the movement of industry out of cities. Food subsidies were maintained at high wartime levels in order to restrain living costs, while taxation structures were altered to benefit low-wage earners, with some 2.5 million workers taken out of the tax system altogether in Dalton's first two budgets. There were also increases in surtax and death duties, which were opposed by the Opposition. According to one historian, Dalton's policies as Chancellor reflected ""an unprecedented emphasis by central government on the redistribution of income"". Walking into the House"
"He opposed an early resumption of cash payments in 1811, and became Chancellor of the Exchequer when the Earl of Liverpool succeeded Perceval in May 1812. Having forsaken Old Sarum, he had represented Helston from November 1806 to June 1812; and after being member for East Grinstead for a few weeks, was returned for Harwich in October 1812. When Vansittart became Chancellor of the Exchequer the country was burdened with heavy taxation and an enormous debt. Nevertheless, the continuance of the Napoleonic Wars compelled him to increase the customs duties and other taxes, and in 1813 he introduced a complicated"
"1841 general election, but a growing budget deficit required a new source of funds. The new income tax, based on Addington's model, was imposed on incomes above £150 (equivalent to £ in ). Although this measure was initially intended to be temporary, it soon became a fixture of the British taxation system. A committee was formed in 1851 under Joseph Hume to investigate the matter, but failed to reach a clear recommendation. Despite the vociferous objection, William Gladstone, Chancellor of the Exchequer from 1852, kept the progressive income tax, and extended it to cover the costs of the Crimean War."
"to note that later Muslim empires (Ottomans, Safavid, Mughal empires) also supported science in their own ways, even though there scientific achievements were not as prominent on a global level. In Italy, Galileo noted that individual taxation of minute amounts could fund large sums to the State, which could then fund his research on the trajectory of cannonballs, noting that ""each individual soldier was being paid from coin collected by a general tax of pennies and farthings, while even a million of gold would not suffice to pay the entire army."" In Great Britain, Lord Chancellor Sir Francis Bacon had"