Raising the threshold for the 40p rate of tax so that nobody under £50,000 pays the rate
Bad grammar
annoys me. A person isn’t under £50,000 (unless he’s buried under a pile of
cash). A person’s earnings might be under £50,000. This is a straightforward
tax cut for the well-off. I understand that someone earning above £43k might
not feel rich; an overpriced home, expensive children and a lot of travel costs
can drain a decent income very fast. But the fact remains that both the average
and median wages are in the £20ks. Individuals earning twice that are not the
ones who need help from a limited government budget undergoing severe
austerity. I’ll do rather well from this change, but I still think it’s wrong.
The total cost to government is apparently
‘forecast’ to vary over the coming years. The
first set of changes will cost £1.6 bn per year by the end of this Parliament,
but that will only take us half-way to the manifesto commitment. It’s hard to
predict what further changes would do, and I can’t find an attempt, but let’s just
double the cost so far to be over £3bn per year.
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