George Osborne has recently suggested he may reduce the tax bill for the richest 6% of the UK by 10%. This whilst the Euro zone faces its biggest crash ever, The US has its credit rating reduced, the UK faces a double dip recession. Some of the poorest in society have been expressing their anger recently by setting fire to police cars and buildings in London (Which is illegal and despicable).
Whilst all this is going on where is George Osborne?
Whilst all this is going on where is George Osborne?
Osborne is on the far right, having fun in the Sun at Universal Studios.
Now I don't begrudge the man a summer holiday; although holidays are a luxury that many Britain's can no longer afford due to his austerity cuts, but whilst he suns himself he is contemplating giving the richest 6% a huge tax cut. What exactly is his reason for this?
The argument seems to be that by giving back tax to the richest, many who are business owners they in turn may employ more workers and spend in the UK to help kick start the economy. it sounds good at first glance doesn't it. Here's what he won't tell you:
Anyone who owns a large business does one of two things
1) Pays no tax due to holding their money or registering their business offshore in the Cayman Islands or one of many other tax havens.
2) Pays themselves dividends taxable at 42.5% top rate.
You get it yet? None of them pay the 50% tax rate and if the rate is reduced by 10% Nothing will change... Business owners will carry own paying less tax than middle income earners.
As to spending it in the UK; so they won't spend it on a holiday, a product made in another country or invest it abroad and how do we make sure of this?
Osborne claimed he would crack down on tax dodgers; he has not done this, instead he moves to reduce the richest tax bills by 10%.
The man is himself one of the biggest tax dodgers in the country; why would he want to close tax loop holes for the rich?
He is a multimillionaire in a Cabernet where 23 out of 29 people are millionaires, that's right 79% of the people who run our country are millionaires.
His party the Conservatives are financed by millionaire business owners.
So to sum up a millionaire in a party of millionaires financed by millionaires thinks its time to give millionaires a tax break; oh and another millionaire Boris Johnson the mayor of London agrees its a good idea that they all get tax breaks... But hey as Osborne himself said "we are all in this together"!
This really seems to be a case of 'Osborne fiddles as London burns'
Now I don't begrudge the man a summer holiday; although holidays are a luxury that many Britain's can no longer afford due to his austerity cuts, but whilst he suns himself he is contemplating giving the richest 6% a huge tax cut. What exactly is his reason for this?
The argument seems to be that by giving back tax to the richest, many who are business owners they in turn may employ more workers and spend in the UK to help kick start the economy. it sounds good at first glance doesn't it. Here's what he won't tell you:
Anyone who owns a large business does one of two things
1) Pays no tax due to holding their money or registering their business offshore in the Cayman Islands or one of many other tax havens.
2) Pays themselves dividends taxable at 42.5% top rate.
You get it yet? None of them pay the 50% tax rate and if the rate is reduced by 10% Nothing will change... Business owners will carry own paying less tax than middle income earners.
As to spending it in the UK; so they won't spend it on a holiday, a product made in another country or invest it abroad and how do we make sure of this?
Osborne claimed he would crack down on tax dodgers; he has not done this, instead he moves to reduce the richest tax bills by 10%.
The man is himself one of the biggest tax dodgers in the country; why would he want to close tax loop holes for the rich?
He is a multimillionaire in a Cabernet where 23 out of 29 people are millionaires, that's right 79% of the people who run our country are millionaires.
His party the Conservatives are financed by millionaire business owners.
So to sum up a millionaire in a party of millionaires financed by millionaires thinks its time to give millionaires a tax break; oh and another millionaire Boris Johnson the mayor of London agrees its a good idea that they all get tax breaks... But hey as Osborne himself said "we are all in this together"!
This really seems to be a case of 'Osborne fiddles as London burns'
