Labour's Tax Pledges.

[Deskdiary]

We knew it was coming, again, but Mad Dog McDonnell has now confirmed it.

https://www.dailymail.co.uk/news/article-7682985/Jeremy-Corbyns-four-fiascos.html

"The shadow chancellor said Labour’s manifesto will ask the richest 5 per cent to ‘pay a little more’.

The 45p income tax threshold would be cut from £150,000 to £80,000 – hitting all those earning more than this amount. Mr McDonnell also said Labour would reintroduce a 50p rate of tax for those on more than £125,000.

He did not say what would happen to national insurance rates for those on more than £80,000.

However there would be no rises in income tax or national insurance for everyone else."

I particularly liked the 'ask' to pay a little bit more - this suggests there's a choice.

IF Labour genuinely wants to raise revenue for the NHS, and this is not merely a success tax in order to punish those who have had the bare-faced temerity to do better in life than some others, wouldn't it be more sensible to collect an additional 1% from every taxpayer, rather than just targeting those who are (a) proportionately paying more (because, hey, that's how percentages work) and (b) are already paying an increased % amount over certain thresholds?

Somebody earning £80k is already paying a % amount of double that of somebody earning £20k, which equates to 8 x as much in pound note terms.

[Theland]

Naomi deserves BA for that post, but sadly as true as it appears to be, she does not address the real hardship people on low wages or benefits suffer.

I left left my factory job in 2008, a and went to the shipyard.
But in the factory, I spent 18 years working 84 hours a week, and at one time 96 a week, but was stopped by HR for H&S reasons.

On leaving I was earning £64k. Paid tons of tax and remember in the dentists paying God knows how much for basic care, and a girl in front of me signing g the form for freebies!

It upset me that in spite of my earnings I could not afford the full hit!

So I struggle for Social Justice. Do away with crazy prescription charges, pay a living wage and premium rates for overtime, 1 and 1/2 and 2x. Do away with zero hours contracts. And, most important increase the benefits for poverty stricken people who go hungry and get evicted for being poor.

Maybe chasing the pot of gold at the rainbow, but the pendulum has swung too far in favour of the rich.
The QE is a typical example.