UK: Miliband plans mansion tax to pay for low-income tax cut
4 replies, posted
[img]http://imgkk.com/i/ktyx.jpg[/img]
[url]http://www.bbc.co.uk/news/uk-politics-21453444[/url]
[quote]A Labour government would seek to re-introduce the 10p starting rate of tax scrapped by Gordon Brown in 2008, Ed Miliband has announced in a speech.
Mr Miliband said it was a "very bad mistake" to get rid of it and the move would send a "clear signal" his party was on the "side of working people".
The move, worth about £2 a week for people, would be funded by a "mansion tax" on £2m properties, he said.[/quote]
[quote]HOW THE 10p RATE WORKED
• Most people have a chunk of their income which is tax free - known as the personal allowance, In 2007, this was worth £5,225 and has since risen to £8,105.
• Before April 2008, everyone paid 10p on the next £2,230 of their income, only rising to 22p above this level.
• But after the 10p tax band was axed, everyone paid 20p on their earnings above the personal allowance until they hit the higher rate 40% band
• In 2012-3, the 20% rate applies to the first £34,370 of income above the personal allowance[/quote]
Well, if the personal tax allowance hits £10,000 like the Lib Dems want it to, this would mean people working full time on minimum wage would pay no tax, no bad thing.
[quote]move would send a "clear signal" his party was on the "side of working people".[/quote]
Nah, you lost my vote a while ago, [URL="http://www.omrlp.com/"]I only vote for sensible and intelligent parties who know what they're doing[/URL].
[quote]"We would put right a mistake made by Gordon Brown and the last Labour government," he said.[/quote]
Wait Ed, weren't you Gordon's adviser?
[editline]15th February 2013[/editline]
Also the idea of a mansion tax doesn't bode too well with me, just because you have an expensive house doesn't mean you have a huge wage considering the person may very well have simply inherited it.
Promises made these days by politicians are just words until something solid actually comes of them.
I say this both of Labour and the Conservatives.
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