I am sad to see the Labour party both nationally and locally is still in denial about their failure to manage the economy. Most disappointing is the continuing efforts to deny their tax policies which favoured the rich at the expense of everyone else. The coalition has been changing tax and cutting tax for lower earners as promised in the Lib Dem manifesto and the coalition agreement.
I am indebted to Carl Mimms of Hull for the following summary which illustrates the point. No further comment is necessary.
Income |
Tax rate |
||
2009/2010 Labour |
2012/13 Coalition |
% change |
|
£10,000 |
7.8% |
5.7% |
Cut by 26.9% |
£15,000 |
11.3% |
9.5% |
Cut by 15.9% |
£20,000 |
13.7% |
12.4% |
Cut by 9.5% |
£30,000 |
15.4% |
14.8% |
Cut by 3.9% |
£50,000 |
22.4% |
22.1% |
Cut by 1.3% |
£100,000 |
28.6% |
30.1% |
Increased by 5.2% |
£150,000 |
31.0% |
33.4% |
Increased by 7.7% |
£200,000 |
33.3% |
38.8% |
Increased by 16.5% |
£500,000 |
34.7% |
43.0% |
Increased by 23.9% |
£1,000.000 |
35.1% |
43.6% |
Increased by 24.2% |
£2,000,000 |
34.7% |
44.3% |
Increased by 27.7% |