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.
