Socialists (including the leader of the United Kingdom Labour Party) would argue that it is fair that anyone on £44,000 or more is taxed at a higher rate of taxation than someone on £37,000 let alone the national average income of £26,000? Ah that’s right, they are taxed more because they can afford it but is it actually fair?
The cut off point for imposing the removal of the formerly universal benefit of Child Benefits payments has to come somewhere and Labour Party has never been adverse to setting a point where they will set a higher rate of tax for higher earners. They are the party of Tax and Spend and, despite the socialist rhetoric that “it was the Banks that done it”; the Labour Government pumped £151bn borrowed money the beastly banks but it is the other £900bn plus, borrowed by Labour during the past 13 years of their maladministration, that has actually got the United Kingdom and it’s people into this mess we are all collectively in.
The Coalition thoughts on the removal of Child Benefit from the more wealthy is clearly that anyone on the existing higher rate of Income Tax should not need the maximum £2,500 of child benefit that has been a universal privilege up until now.
It is not right and it is not fair that people who can afford to pay more tax should lose out but is that any less fair than Red Ed Miliband announcing that, if he ever (in the highly unlikely event) achieves high office of State, that he will make the 50% Income Tax band permanent? I actually believe that Red Ed and his Labour Party drones, like so many other socialists, would actually tax the rich even more if they could get away with it!).
George Osborne has done his best to set a threshold in extraordinary circumstances of a Sovereign Debt crisis. What I find deplorable is that anyone living in a household with an income of £44,000 or more is even thinking they need a maximum extra gift of £2,500 as a rebate on their taxes or they see that £2,500 as essential.
Heaven forbid Labour get into power ever again – they would tax that family even more BECAUSE they earn more than £44,000 and the tax take would be much, much greater than the maximum £2,500 the Tories are withholding now.