Horner's Corner

Tax and Cut: Some Killer Facts

by on Sep.13, 2009, under economics, politics

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Fat Cats: Don't pay for their mistakes by cutting public services

The Tories are planning to slash public spending – but they have no plans to seriously inconvenience the rich.

Here are a few points that ought to be made:

1. Taxpayers contribute 10 times more in pension tax relief to the richest 1% of earners than the state pays to all retired public servants. (Source: Office of National Statistics). If all higher rate income tax pension subsidies were to be abolished it would save 6bn – which is far more than public pensions cost.

2. Tax: if we really want to pay off debts then taxing those best able to pay would be a good idea.

* Capital gains on private homes would yield £3bn.

* 1% on National Insurance would raise 10bn.

* Abolishing tax relief on savings and investments (mainly benefits the rich) would raise 3bn.

* Banks have tripled the profit they made on last year’s mortages. Can we have some of that back?

This is without even considering Inheritance Tax or Trident missiles. But they should be considered, urgently.

3. A recent YouGov poll for Compass has found:

* 73% would support a new tax on bonuses over £10,000

* 63% support setting up a High Pay Commission.

Meanwhile the right want to cut deep into the NHS, Education, Local Authorities, and schemes like Sure Start.

If the Labour won’t make the case, then we have to do it – spread the word.

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More on this at : Compass

and at

Cameron’s basic error will cost this country dearly | Polly Toynbee | Comment is free | The Guardian.

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