Friday, Feb 12, 2010
Our cost of borrowing is higher than spain's
Telegraph: Rich to bear the cost as Chancellor pledges March Budget focused on growth
"Alistair Darling has given his clearest indication that the Budget next month will be a "soak-the-rich" affair, targeting the wealthy while slashing the deficit". He said that the Budget which, he confirmed for the first time, will take place next month, would also cement: "fair tax rises, with the biggest burden falling on those who can most afford it." (perhaps he means the politicians?)
Posted by alan @ 10:19 PM (827 views) Add Comment
12 Comments
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1. fallingbuzzard said...
A budget focused on growth means a budget that assumes growth. Fool
2. who stole my pension? said...
I wonder what they define rich as? Anyone with earnings, house & pension worth more than 300,000quid? Will this tax increase apply to them or can they claim it back on expenses?
3. paul said...
The only way for growth to happen is to free up capital. The only way to free up capital is for banks to offload debt obligations onto consumers. The only consumers with debt obligations are mortgagees.
So house prices will have to bottom out before any growth will resume. It really is very basic economics.
4. a saver said...
More like soak-the-easy targets, like the professional middle classes, while the ultra-rich avoid tax by being non-doms etc.
5. hpwatcher said...
Looks like the Labour slogan for this election is going to that great socialist maxim ''bash the rich'' - they haven't really changed at all.
6. devo said...
'bash the rich''
yes, what choice do Labour have, or the tories for that matter?
the money has to come from somewhere
then again, they could always print it i suppose
7. Stingray said...
The definition of rich should clearly include owners of > 1 property.
Darling should remove the ability of individuals to deduct interest costs from their Schedule A tax computations. Council tax for the owners of all second home should also be increased to 200% of standard rates
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10. letthemfall said...
The 50% top rate will, I believe, apply to earnings above £150k - the top few percent. Considering the low paid pay a greater proportion of their earnings than these top earners, the tax increase is eminently reasonable.
You can see why the Telegraph is called the Torygraph from the comments on the article. More like mad dogs than Torys from the bile that issues.
11. braindeed said...
5. hpwatcher said...
Looks like the Labour slogan for this election is going to that great socialist maxim ''bash the rich'' - they haven't really changed at all.
So what's the alternative,Coco?......soak the poor?
12. Uro_who said...
As tax is taken on a percentage of pay the rich already pay their share. What is being asked is for them to pay more than their share. Why stop at 50%(+10%) National Insurance. I kept 25% of my overtime after expenses already in 2008-9. If tax goes up higher I will stop bothering.
Its the 1970's all over again. 90% tax here we come!
Why doesn't Gordon Brown just give everyone my bank account number and sort code and be done with it?