(no subject)
Mar. 21st, 2007 08:48 pmI'm sure anyone who cares about this has already noticed, but please allow me to be quietly boggled by the fact that:
The Chancellor's latest tax wheezes on income tax and NI are regressive. Quite seriously regressive, in fact.
Based on my figures (which could of course be completely wrong), keeping a level playing-field apart from the 2% basic rate cut, the scrapping of the 10% rate, and the increase in NI upper limit:
The person best off would be someone earning £33,500 a year, who would be £300 a year better off.
The person worst off would be someone earning £7,500, who would be £210 a year worse off.
I know there is a lot more to it than that, but that's the heart of it.
And if I can work that out on a spreadsheet that took 15 minutes to write, don't you think the papers and the Opposition can do it? Toilers on Minimum Wage Hit Hardest to Fund Middle Classes... What a political gift to the Chancellor's opponents at this sensitive time...
Seriously, what a reversal in British politics that this can be done in the name of the Labour Party...
The Chancellor's latest tax wheezes on income tax and NI are regressive. Quite seriously regressive, in fact.
Based on my figures (which could of course be completely wrong), keeping a level playing-field apart from the 2% basic rate cut, the scrapping of the 10% rate, and the increase in NI upper limit:
The person best off would be someone earning £33,500 a year, who would be £300 a year better off.
The person worst off would be someone earning £7,500, who would be £210 a year worse off.
I know there is a lot more to it than that, but that's the heart of it.
And if I can work that out on a spreadsheet that took 15 minutes to write, don't you think the papers and the Opposition can do it? Toilers on Minimum Wage Hit Hardest to Fund Middle Classes... What a political gift to the Chancellor's opponents at this sensitive time...
Seriously, what a reversal in British politics that this can be done in the name of the Labour Party...