Cut Taxes on the Wealthy!!
Order Has Been Restored to the World of Tea and Crumpets
When Conservatives along with their puppy dog partners the Liberal Democrats took over the British government last year their major policy goal was to reduce the deficit. Never mind other goals like economic growth, lower unemployment, lower inflation, better health care, increases in education and all that stuff, they were going to reduce the deficit, restore business confidence and watch the economy flower as higher investment by a newly confident investment community would restore Britain to its magical place atop the world order, circa 1840.
The major part of the policy was to fire about 500,000 government employees, this being Conservative policy to increase employment. But they also raised the tax rate on the highest income group. And so now that the policy is not working out quite as planned (unemployment reached a new high this past month) the British government is thinking about reversing its policy. That’s right they want to lower taxes on the very wealthy!
George Osborne is considering announcing a cut in the 50p top rate of income tax to 45p in his Budget next week, after the Liberal Democrats showed willingness to drop their resistance in return for a clampdown on tax avoidance by wealthy people.
Yes, the classic “cut taxes on the wealthy” comes out of the closet in
. But will it be enough to save the economy? Maybe not, and Conservatives really want more. Britain
But those rightwing Tories are likely to be furious that Mr Osborne is not willing to go further and drop the top rate of income tax to its previous level of 40p. Mr Ruffley told the Financial Times the calculations of how much the tax raised would be worthless, and Mr Osborne would face a revolt if he did not take steps to make the full cut to 40p.
So the big policy debate in Britain, with its high youth unemployment, hundreds of thousands of public employees fired and the economy in the ash can is how much to cut taxes for the very top, the ultra rich, the mega wealthy.
Let’s hope they make the right decision because if not they may have to fire another couple of hundred thousand public employees. And nobody wants that (well okay, nobody except the Conservatives).