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Volume 205: debated on Tuesday 10 March 1992

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To ask the Chancellor of the Exchequer what higher rate of income tax would be necessary to raise the same revenue as would be raised by a higher rate of 50 per cent. and removing the ceiling on national insurance contributions.

At 1992–93 levels of income and assuming statutory indexation of allowances and thresholds, a higher rate of 59 per cent. would raise an approximately equivalent amount of revenue in a full year.