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The truth about tax

by admin on January 18, 2013

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%

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