Saturday 18 November 2023

Makes Sense To Tories I Guess

Tax levels are at a 70-year-high, according to the Institute for Fiscal Studies, and Rishi Sunak is under growing pressure from Tories to get them down before the next general election where they face a regal drumming.
Sunak then is leaning on his Chancellor Jeremy Hunt to do something in this weeks Autumn Statement and being the compassionate Conservatives they are, he has a plan to reduce benefits which will detrimentally affect 53% of the population while scrapping or reducing Inheritance Tax which will benefit
4% of the Population.
The chancellor has warned he will have to make 'difficult decisions' but he will also have to answer some difficult questions as to why he's benefit cut will save the Government £2bn while his inheritance tax cuts will cost them £3bn and with even my iffy grip of maths and economics, leaves the Treasury £1bn worse off.  
Inheritance tax, or Death Duty as it is also jauntily known, is payable on any estate over £1m and the more your estate is worth, the more tax you pay or rather you did, which means the richer you are the more of a tax cut your remaining spouse will receive.  
Ken Clarke, a former chancellor and about one of the only Conservatives i have any time for, has come out and criticised the plans, saying it’s not the tax cut he would choose and leaves them open to the most appalling criticisms for giving tax relief to those families that are lucky enough to have members of it with capital above the limit and not pay any significant amount of tax on the inheritance.
The Conservatives are currently 20 points behind the Labour Party and taking away from 53% of the poorest in society to give to the 4% with over £1m will make sure that isn't closing anytime soon.

1 comment:

Liber - Latin for "The Free One" said...

when your nation is running at a loss every year you have to cut government overhead expense, cut government handouts, increase taxes, or some combination of those. unless you are the US. we can just print more money since we have the global currency.