The chancellor is under attack from charities to reverse his budget plan to curb tax reliefs. Well George, you may be presenting your case badly but don’t do a U-turn. Despite what everyone says, you’re doing the right thing.
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Labour leader Ed Miliband asked the wrong question when he goaded government ministers on budget day about whether they benefit from abolishing the 50p tax rate. Instead of asking if they currently pay 50p, he should have asked if they currently avoid it.
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Philanthropists will give less to charity if tax relief is limited to £50,000, squeal the rich donors and grateful recipients. Well, they could always consider giving away their own money rather than handing over taxpayers’ cash.
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“Tax battle rages over how to hit the rich” screams a front-page headline on The Times. But the correct question for the coalition bigwigs is not “how” but “why” the wealthy or well paid should be taxed more.
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At some point, the government will stop bashing Britain’s banks. But – unlike the tax on Barclays – that point will not be backdated.
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So chancellor George Osborne has apparently conceded that the 50 per cent income tax rate is here to stay. He’s very right. And very wrong.
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Here’s a circular argument. Government is imposing the 50p income tax because it thinks top businessmen are overpaid. But the high tax rate is likely to push executive pay higher still.
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If the government is so against looting, what is the 50p income tax? It is a raid by those who feel deprived on those they think others have too much.
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The top rate of stamp duty on property UK house purchases rises to an unprecedented 5 per cent in April 2011 but chancellor George Osborne will feel under no pressure to scrap this tax rise. While the rest of the property market needs a stimulus, the £1m-plus bracket to which the 5 per cent applies is defying the gloom.
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HM Revenue & Customs have been told by the chancellor to find just how much the 50p income tax band raises. There is no doubt that the answer he wants the evidence that allows him to abolish it.
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