It’s not a double whammy!

And it’s back to tax! WTF.  😵  Labour’s income tax proposals will not affect anyone earning under £80K, contrary to the bollocks on Question Time earlier this week. This increase represents the top 5% income earners in the country. Labour propose to tax those on over £80,000 at 45% rather than 40% and increase the rate for those earning over £150K to 50%. (These are marginal rates i.e. they are only paid on that income earned over the threshold. See http://calculate.forlabour.com.

Currently one pay’s zero on the first ~£12,000, 20% in the next ~£35,000, 40% on £46K to 150K and 45% on whatever’s left if you lucky enough to earn that much.

While issues remain about the zero rate claw back, as it impacts benefits package design i.e. encourages tax avoidance by transferring benefits from money to NPBs and particularly in London, this is not unfair; it might be better if another layer was introduced at £¼ million p.a. so that the newly burdened feel that those better off then them are carrying their share of the burden. (We should also work out how to forgive the student debt, since one of things this tax payment will generate is free (higher) education for tax payers and their children.) …  …