Now as to the allegations concerning taxation: 1. The largest incomes are taxed far more heavily here than anywhere else in the world. The maximum rate of income taxation here is 67%. In England it is 42½%. Ours is therefore 50% higher than England’s and the rate in England is the highest prevailing anywhere in Europe. Neither republican France nor democratic England—containing in their cabinets Socialists and representatives of labor—nor autocratic Germany have an income tax rate anywhere near as high as our maximum rate. And in addition to the federal tax we must bear in mind our state and municipal taxes. 2. Moderate and small incomes, on the other hand, are subject to a far smaller rate of taxation here than in England. In America, incomes of married men up to $2,000 are not subject to any federal income tax at all. In England the tax on incomes of $1,000 is 4½% In England the tax on incomes of 1,500 is 6¾% In England the tax on incomes of 2,000 is 7⅞% (These are the rates if the income is derived from salaries or wages; they are still higher if the income is derived from rents or investments.) The English scale of taxation on incomes of, say, $3,000, $5,000, $10,000 and $15,000, respectively averages as follows, as compared to the American rates for married men: In England In America Income tax rate on $3,000 14% ⅔ of 1% Income tax rate on 5,000 16% 1½% Income tax rate on 10,000 20% 3½% Income tax rate on 15,000 25% 5% (If we add the so-called “occupational” tax, our total taxation on incomes of $10,000 is 6¾%, and on incomes of $15,000, 9¾%.) In other words, our income taxation is more democratic than that of any other country, in that the largest incomes are taxed much more heavily, and the small and moderate incomes much more lightly than anywhere else, and incomes up to $2,000 for married men not taxed at all. 3. It is true, on the other hand, that on very large incomes as distinguished from the largest incomes, our income tax is somewhat lower than the English tax, but the difference by which our tax is lower than the English tax is incomparably more pronounced in the case of small and moderate incomes than of large incomes. Moreover, if we add to our income tax our so-called excess profit tax, which is merely an additional income tax on earnings derived from business, we shall find that the total tax to which rich men are subject is in the great majority of cases heavier here than in England or anywhere else. 4. It is likewise true that the English war excess profit tax is 80% (less various offsets and allowances) whilst our so-called excess profit tax ranges from 20% to 60%.