The Rich Get a Tax Cut, While the Poor Get Poorer
Income tax has been cut to ‘stimulate growth’ a.k.a. give rich people more money.
Liz Thatcher’s government is back with another installment of Make Britain Victorian Again.
She’s stealing from the poor and giving to the rich, she’s a modern-day Tory hero-o-o…
And now her cabinet is proposing a brand new tax cut to stimulate growth. This newest clusterf*ck will see the rich get richer while the poor…starve.
Kwasi Kwarteng, her chancellor, is planning on slashing the higher 45% tax rate on people making over £150,000 a year. This will now be 40%.
But that’s not at all! The cap on banker’s bonuses has been lifted too, and corporation taxes won’t be rising after all, despite a planned rise.
But don’t worry — he’s throwing us peasants on the basic rate a bone too. We’ll now have to pay just 19% rather than the 20% we had to pay before.
If that seems like a desperate attempt to placate the angry masses, it’s because it is.
For context, if you pay tax on £30,000 a year after your tax-free allowance, you’ll have an extra £300 in your pocket now every year.
Oh, and the price of booze won’t be going up.
But it’ll be harder to get universal credit now, shafting people who rely on benefits, so it all evens out.
Here’s why this won’t stimulate growth
The thing is, when you give a poor person money, they spend it all. It’s not that they’re bad savers or impulsive buyers.
They simply can’t afford not to spend it. The lowest earners in the UK right now are skipping meals to keep the lights on. In fact, one in four are foregoing a meal to save money.
That’s right, in this bastion of Western civilization and one of the richest economies in the world, a growing number of people are having to choose between starving to death and freezing to death.
It’s positively Victorian. Jacob Reese-Mogg must be jizzing in his pantaloons.