Wednesday, August 17, 2011

Who cares about the purpose?

Ugh.

Whilst I tend to think that George Osborne looks like a particularly unpleasant fucking demon, it is good news that our rat-nibbled Chancellor is looking at the 50p tax rate to see whether it, you know, actually raises any more fucking tax.
Chancellor George Osborne has asked the Inland Revenue to check whether the 50p top rate of income tax is actually making money for the government.

Some economists have claimed that tax avoidance and evasion mean the rate is raising less income than expected.

Speaking on BBC Radio 4's Today programme, Mr Osborne hinted that the 50p rate remained under review.

He added: "There's not much point in having taxes that are very economically inefficient."

You would have thought that this would be a good move, and welcomed by a very cash-strapped government that is attempting to squeeze every last penny from its citizens whilst also relying on economic growth to slash its debt-to-GDP ratio.

Sorry—did I say "government"? I meant, of course, that the Tories were trying to bring some common sense to bear, whilst baby-faced wanker Nick Clegg and his tedious bunch of sandal-wearing, tofu-munching Green zealots have a rather different agenda.
Nick Clegg ruled out any cut in the 50p top rate of tax yesterday until Lib Dem demands to give tax cuts to the poor are completed.

In a blow for Tory demands to slash the highest income tax band, the Deputy Prime Minister said he would not sanction a cut for the rich unless the limit at which people beginning to pay income tax is raised to £10,000.

But Mr Clegg did suggest he would accept the abolition of the 50p rate in exchange for a so-called 'mansion tax' on those with expensive properties and fresh moves to crackdown on tax avoidance.

Nick Clegg really is a fucking moron, isn't he?

Look, Nick, this isn't an either-or situation, OK? Famously, when Lawson dropped the top rate of income tax from 60p to 40p, the total tax take went up. If—as all the data seems to indicate—the 50p tax rate is harming Treasury receipts, then dropping it will facilitate your £10,000 tax limit (which I applaud, even if it does not go nearly far enough).

How about you actually wait until the data is in before you start your piss-poor posturing?

1 comment:

Mr Ecks said...

I thought this 10 grand tax threshold caper was coag policy--or was it anothe u-turn.
You are right about the Limp Dums but wrong about Tory economic competence--Osbourne will screw it up.