Tuesday 9 August 2022

Liz Truss's Election Suicide Note

With Boris Johnson refusing to do anything to help ease the Cost of Living Crisis and saying it is for the incoming Prime Minister to sort it out, eyes turn to what exactly the two potential leaders are offering when they pick up the reins in 5 weeks time.
We can politely glide over Rishi Sunak's pans, his rival Liz Truss is so far ahead in the polls that even someone as dimwitted as her shouldn't be able to mess it up, and she has said that she will not be giving handouts to people but instead will cut income tax to help the poorest in society.   
Now i'm no Tax Expert but the poorest in society are by definition, the ones with the least amount of money so if you are on benefits, a state pension or earn below £12,570, then you don't pay tax anyway so cutting the rate of tax will add precisely zilch to your income.
If you are an average earner of £25,971 and currently pay 20% tax and under Truss will pay 19% tax, your tax bill will reduce by £131 a year or an extra tenner and some small change in your monthly pay packet.
Anyone earning over £50,000 currently pays tax at 40% and over £100,000 at 45% so they are the ones who will benefit most from any tax cuts and are by no possible definition the poorest in society, if anyone can weather a cost of living crisis and could forgo a bit more back in tax, it's these people.
For some people on a low wage an extra £10 a month will be very gratefully received but you have to remember that a change in tax affects all earners across the board so while you get the extra £10 to pay your gas bill, a higher earner will be receiving much, much more, enough to pay their gas bill easily and have extra to spend on luxuries.
A former Cabinet Minister called Liz Truss's economics plans 'an Election suicide note' and we can only hope so because after 12 years of Right wing policies, sleaze, corruption and lies which has led to a broken UK, the Conservative Party should never be allowed near an elected office ever again.

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