I'm not going to go into great details but I'm very dissapointed in this years budget. In a year of recession and a deepening credit crunch Allistar Darling introduces a 50% income tax on those earning of £100, 000 a year and absolutely no mention of business or corperate tax. I should point out I'm not biased I certainly don't earn other 100k and neither do my parents. So when our businesses need more support than ever and when no one has any money to spend, we decide to raise tax on those we will be relying on to drive consumer spending and giving those struggling small businesses that need help so badly the cold shoulder.
Its a depressing that in just ten years that Great Britian has gone from an aspirational society when people dreamed of earning big bucks and felt that social mobility was achievable, but that dreams now crushed. It's more a willing acceptance that everyones going to be poor but I suspect the Labour Party are licking their lips they've just seen their core voting group expand rapidly, luckily I don't think the people are that fickle. Aren't we supposed to be inspiring a saving culture? What will people have left to save?
It's worth pointing out that those earning over a 100, 000 aren't the mega rich, most mid level management jobs in the city and small business owners pay out in that region, and combined with London living costs we're not talking about the super rich. Last time I checked the dickheads running investment schemes, banks and gambling on the stock market are earning way way more than £100, 000. The really worrying aspect is that Britian has been driven economically by the city of London and by clobbering high earners it maybe the death knoll of the city, we already had the ludicrious tax on foriegn nationals, it almost seems like a witch hunt to ruin the heart of our economy.
I know it's a Labour government but where are the tax cuts? How about we put some cash back in the hands of the lower earners so they can spend and save to counter balence the tax on high earners, no? I don't think anyone told the government that taxing those over 100k won't actually raise that much money to cover spending, they wouldn't be trying to grab a headline to cover other taxes would they? No not honest Gordon? Hmmmn.....see if I knew Gordon I'd of bet he'd of raised tax on Fuel but he wouldn't do something sneaky like that would.....oh wait.
It's not all bad news their are some things that I like, the old car scheme seems like a fun novelty, themeassures to help people into work and I'm all in favour of increasing tax on Tabacco and Alcohol. That's about it, what I really don't like is the ludicrious predictions on the growth rate of the economy, 1.25% growth next year? Who is he kidding? Keep in mind last year Darling said the British economy would be growing by the second half of 2009. I think David Cameron's notion of "the bunker" is spot on it seems that Gordon and Allistair are down in the fantasy land of their war bunker and really have no concept of what's going on around them. This years budget just seems to be a big attempt to grab headlines rather than a legitimate coherent policy with a clear dirrection.
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