The Fabian Society suggests the following reform of national taxation: "In English politics successful ends must have moderate beginnings. Such a beginning might be an income-tax of _2s. 6d._ in the pound. Unearned incomes above _5,000l._ a year would pay _2s. 6d._ in the pound, below _5,000l._ a year _1s. 8d._ in the pound. The estate duty might be handled upon similar principles. Estates between _500,000l._ and _1,000,000l._ would be charged twelve and a half per cent, instead of seven and a half, and estates exceeding _1,000,000l._ fifteen per cent, instead of eight."[454] The Fabian Society does not disguise its aim in proposing the foregoing: "These suggestions are doubtless confiscatory, and that is why they should recommend themselves to a Labour party. But even so, the confiscation is of a timorous and a slow-footed sort. The average British millionaire dies worth about _2,770,000l._, on which the death duty would be _415,500l._, leaving the agreeable nest-egg of _2,254,500l._ to the heirs. Even if we assume that the inheritance passes to one person only, so as to be subject to the highest rate of duty, it would not be until five more lives had passed that it would be reduced to a pitiful million. The most patient Labour party might not unreasonably demand something a trifle more revolutionary than this."[455] According to the above proposals the income-tax would return _47,600,000l._ per annum. This sum seems far too moderate to most Socialist writers. Councillor Glyde, for instance, gives in a widely read pamphlet elaborate tables in which the produce of a graduated income-tax is carefully calculated. The Fabian Society would make "a moderate beginning" by taxing large incomes _2s. 6d._ in the pound. Councillor Glyde would begin by levying a _3s._ income-tax on them. Taxation of incomes in accordance with his proposals would bring in _70,281,839l._ per annum.[456] Mr. Smart, of the Independent Labour Party, gives lengthy details of a taxation reform scheme in which figure a foundation-tax, a special property-tax, and a super-tax. Large incomes would have to pay 17-1/2 per cent., or _3s. 6d._ in the pound, and his property and income tax would bring in _78,000,000l._ per annum.[457]