17 March 2016

It's the same the whole world over ...

And so the rich get richer.  The Independent reports:
For those with large salaries, the threshold for the higher rate of income tax will be raised from £42,386 to £45,000. For those with valuable assets, capital gains tax will be cut from 28 per cent to 20 per cent. For those wealthy enough to have savings, the ISA limit will be increased from £15,000 to £20,000. For those wealthy enough to run businesses, corporation tax will fall from 20 per cent to 17 per cent.
Research suggests that in raising the tax-free personal allowance, 85 per cent of the benefits of these cuts will go to the wealthiest half of Britain. A think tank has found that because Britain’s 4.6 million lowest paid workers earn less than £10,600 already, they “will gain nothing at all.” Rather, it is the middle classes who stand to gain the most, under a scheme masquerading as help for the poor.
Similarly, tax-free ISAs will be increased from £15,000 to £20,000 which means little to anyone but those already wealthy enough to have considerable savings. You simply cannot dodge interest on savings which you do not have.
Ain't it all a bloody shame ...


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