Showing posts with label 50p Tax. Show all posts
Showing posts with label 50p Tax. Show all posts

Thursday, 1 March 2012

Government should cut tax reliefs for the super-rich, not their tax rate


Responding to a letter to the Daily Telegraph today (Thursday) calling on the Chancellor to scrap the 50p tax rate in the Budget, TUC General Secretary Brendan Barber said:
"It's not surprising to learn that rich people want to pay less tax. What is worrying is that many in government are encouraging them to confuse their own interests with those of the country as a whole.
"The Chancellor will probably reject their special pleading in this year's budget, but it is clear that his long-term priority is cutting tax for the rich rather than restoring the services he has cut or investing in jobs for the young unemployed.
"Any Chancellor who really thinks we should all be in this together should start by cracking down on the tax dodges used by big companies and the super-rich to avoid paying their fair share of tax.
"Next he should ask them to pay a fairer share in putting right the economic mess caused by the banking crash. This should include ending tax breaks for boardroom size pensions and closing the loopholes that allow pay that should face income tax to be turned into low-tax capital gains or profits from one person companies."

Friday, 11 November 2011

Scrapping the 50p tax would be both unfair and bad economics, says TUC

Midlands TUC Regional Secretary, Rob Johnston
Commenting on calls from business leaders that the Chancellor should speed up plans to scrap the 50p income tax rate, Midlands TUC Regional Secretary Rob Johnston said: "This is no more than a bunch of very rich people saying that they should make the ultimate sacrifice of paying less tax to help the economy.
"The truth is that giving more cash to the rich is not just unfair but bad economics as they are least likely to spend it in ways that boost jobs. Any plan for growth should ease the position of low to middle earners, not the super rich."

For more from the TUC on the arguments against scrapping the 50p tax, see this Touchstone blog from TUC Head of Economics Nicola Smith http://touchstoneblog.org.uk/2011/09/what-are-the-arguments-against-scrapping-the-50p-tax-rate/