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Mr. Trotter
asked the Chancellor of the Exchequer what gross income would require to be earned in (a) four years' time and (b) 10 years' time by a married man with two children in order to maintain in real terms the net value after tax of his present annual earnings before tax of (a) £2,000, (b) £3,000, (c) £4,000 and (d) £5,000 on the assumption that inflation runs at an annual rate of 20 per cent. and the present rates of tax continue.
Mr. Robert Sheldon
The figures are as follows:
1974–75 | Gross earnings required in | ||
Gross earnings | Earnings after tax | 4 years' time | 10 years' time |
£ | £ | £ | £ |
2,000 | 1,751 | 4,806 | 25,598 |
3,000 | 2,421 | 7,035 | 50,004 |
4,000 | 3,091 | 9,744 | 74,404 |
5,000 | 3,761 | 13,316 | 98,810 |