Thursday, September 07, 2023
Spotting the difference
There are times when it seems that the only pitch from Keir Starmer's policy-lite Labour Party is that they are not the Tories. Not only have they watered down their green investment plan, ruled out any more capital investment in other infrastructure projects and said that they will not increase tax, but they are refusing to countenance even a modest wealth tax. How exactly are they going to meet expectations when they come into government? It could be a very short honeymoon period.
The Independent reports that the general secretary of the Trades Union Congress (TUC) called for a national debate about how to “tax wealth, not work, in this country”:
Paul Nowak said 13 years of Conservative government has seen the richest “feathering their nests” while working people suffer.
And he said Labour, which is reliant on donations from trade unions for much of its funding, does not need to set out its “comprehensive tax plans” a year before an expected general election, but said “there is a conversation that needs to be had” about wealth taxes.
Polling for the TUC conducted by Opinium showed "significant cross-party support" for increasing taxes on wealth and excess profits.
Almost two thirds of the public said wealthy people should pay more tax than they are now, including more than half of 2019 Conservative voters.
And three quarters of the public, including 73 per cent of those who backed the Tories in 2019, said capital gains should be taxed at the same rate or higher than income tax. Capital gains tax is currently 20 per cent for assets and 28 per cent for property, while the top rate of income tax is 45 per cent.
Mr Nowak said the system is set up to tax income but does not account for people making huge amounts from rental income, capital gains and dividends.
“There’s something not right in the UK. economy because we’re not rewarding work,” he said.
Ahead of the annual TUC Congress, which opens in Liverpool this weekend, Mr Nowak said a nurse will pay a bigger share of their income in tax than a City trader does on profits from their investment portfolio.
“That’s not only absurd and unfair – it’s bad for our economy and our public services too,” he said.
Reeves said in August a Labour government would not introduce a mansion tax on expensive properties or raise capital gains tax.
She also confirmed that Sir Keir Starmer’s leadership pledge to increase the 45p top rate of income tax is off the table, as the Labour leader had previously indicated.
It comes as the party steps up its efforts to demonstrate economic responsibility ahead of a likely general election next year.
But Mr Nowak, who represents 5.5m members of 48 affiliated unions, said “the public overwhelmingly back increased taxes on the wealthiest”.
He told The Independent: “I will continue to bang the drum, because we have 5.5m people we are trying to represent and we desperately want to see investment in rebuilding our public services to give people some hope for the future.
“I think that national debate on taxes is gonna be part of it.”
Labour's approach is not economic responsibility it is social irresponsibility. If they're not going to offer a proper alternative to the Tories then why are they bothering and why should anybody vote for them?
The Independent reports that the general secretary of the Trades Union Congress (TUC) called for a national debate about how to “tax wealth, not work, in this country”:
Paul Nowak said 13 years of Conservative government has seen the richest “feathering their nests” while working people suffer.
And he said Labour, which is reliant on donations from trade unions for much of its funding, does not need to set out its “comprehensive tax plans” a year before an expected general election, but said “there is a conversation that needs to be had” about wealth taxes.
Polling for the TUC conducted by Opinium showed "significant cross-party support" for increasing taxes on wealth and excess profits.
Almost two thirds of the public said wealthy people should pay more tax than they are now, including more than half of 2019 Conservative voters.
And three quarters of the public, including 73 per cent of those who backed the Tories in 2019, said capital gains should be taxed at the same rate or higher than income tax. Capital gains tax is currently 20 per cent for assets and 28 per cent for property, while the top rate of income tax is 45 per cent.
Mr Nowak said the system is set up to tax income but does not account for people making huge amounts from rental income, capital gains and dividends.
“There’s something not right in the UK. economy because we’re not rewarding work,” he said.
Ahead of the annual TUC Congress, which opens in Liverpool this weekend, Mr Nowak said a nurse will pay a bigger share of their income in tax than a City trader does on profits from their investment portfolio.
“That’s not only absurd and unfair – it’s bad for our economy and our public services too,” he said.
Reeves said in August a Labour government would not introduce a mansion tax on expensive properties or raise capital gains tax.
She also confirmed that Sir Keir Starmer’s leadership pledge to increase the 45p top rate of income tax is off the table, as the Labour leader had previously indicated.
It comes as the party steps up its efforts to demonstrate economic responsibility ahead of a likely general election next year.
But Mr Nowak, who represents 5.5m members of 48 affiliated unions, said “the public overwhelmingly back increased taxes on the wealthiest”.
He told The Independent: “I will continue to bang the drum, because we have 5.5m people we are trying to represent and we desperately want to see investment in rebuilding our public services to give people some hope for the future.
“I think that national debate on taxes is gonna be part of it.”
Labour's approach is not economic responsibility it is social irresponsibility. If they're not going to offer a proper alternative to the Tories then why are they bothering and why should anybody vote for them?
