The UK Conservative party, like the Republican party in the U.S. likes to think of itself as the party of lower taxes (and lower spending but they don't usually manage that part). Through the recent period of austerity efforts to remove less well off people from taxation altogether by raising the tax-free allowance have been accompanied by a lowering of the 40% tax threshold so that the comfortably off (those earning £41,150 and above) don't end up benefiting from the increase in the tax free allowance.
The result of this is that the number of people paying tax at a marginal rate of 40% has increased significantly. Senior members of the Conservative Party has suggested that this is damaging to the Conservatives' reputation as the party of low taxes and that the 40% threshold should be raised significantly.
http://ift.tt/1fvrWjs
Personally I'm against this move (even as a 40% taxpayer myself) on the grounds that such a move would only benefit those who are already comfortably off. I believe that if there is money to spare it should go to the poorest (who have already been hit hard by cuts to benefits) by continuing to raise the tax-free threshold.
Lowering taxes for the well off is of course Conservative Plan A. They have already reduced the highest marginal rate from 50% to 45% for those earning over £150k. Of course this was supposed to increase the tax take but it's difficult to isolate this measure from the overall improvement in the economy and the unwinding of schemes which were able to avoid the 50% rate for a single year (but where tax at 50% would have been payable the next year).
So back to Tory plan A, the reverse Robin Hood, take from the poor and give to the rich
The result of this is that the number of people paying tax at a marginal rate of 40% has increased significantly. Senior members of the Conservative Party has suggested that this is damaging to the Conservatives' reputation as the party of low taxes and that the 40% threshold should be raised significantly.
http://ift.tt/1fvrWjs
Personally I'm against this move (even as a 40% taxpayer myself) on the grounds that such a move would only benefit those who are already comfortably off. I believe that if there is money to spare it should go to the poorest (who have already been hit hard by cuts to benefits) by continuing to raise the tax-free threshold.
Lowering taxes for the well off is of course Conservative Plan A. They have already reduced the highest marginal rate from 50% to 45% for those earning over £150k. Of course this was supposed to increase the tax take but it's difficult to isolate this measure from the overall improvement in the economy and the unwinding of schemes which were able to avoid the 50% rate for a single year (but where tax at 50% would have been payable the next year).
So back to Tory plan A, the reverse Robin Hood, take from the poor and give to the rich
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