sussex_guy2k2
Well-known member
- Jun 6, 2014
- 4,893
You do have to be careful about taxation, but bringing income tax in line with recent inflation would help a lot. The idea that the 40% tax bracket kicks in at £50,000 still is frankly ludicrous. And I do appreciate that this is still a lot of money to a lot of people, but bearing in mind minimum wage now is around £25,000, you end up not taking home much more once you hit that £50,000 mark. And a £50,000 salary won’t even allow you to buy a house in the South East anymore, so it’s really not a lot.They’ve lost winter fuel payments they didn’t need and the inheritance tax farmland loop hole for their investment funds has been reduced.
But I agree, lots more to do.
The thing is, you need to be very careful about tax adjustment when in government. The markets are like startled pigeons as the lettuce found out when she decided that cutting tax for the wealthy was going to see unrivalled growth. One can postulate that these inane ideas popped into her head as this sweating, grunting and gurning slab of gammon loomed and wobbled over her in moments of ecstasy:
View attachment 198677
Taxing the rich has the potential to extinguish growth even more than the lettuce achieved.
A hard left populist party would just pull the levers and go for it. Perhaps the grown-ups making the hard decisions are going to be more strategic about it. Drip, drip, drip. Let’s see where we are in 4 years time.