Some good news from the Independent:
The best-off will see their spending power cut by as much as 9 per cent,
almost £5,000 a year, the most vicious assault on their living standards in
three decades. The impact of swingeing income tax and national insurance
hikes, VAT increases, expected moves back to more normal mortgage rates and
higher petrol and transport costs, thanks to the latest boom in world oil
prices, will all conspire to devastate the household budgets of the
And it may well get worse. The research is based on existing, declared future
tax plans. Rumoured moves by the Chancellor, Alistair Darling, to “soak
the rich” in this week’s pre-Budget report by reversing cuts in
inheritance tax and taxing bankers’ bonuses will only add to the agony of
The article seems to be worded in a way that suggests the tax increase on the rich is a bad thing (‘vicious assault on their living standards’). Here’s the deal: Britain is deeply in debt, and has a huge divide in wealth between the rich and the poor. Making rich people pay more is, in my view, entirely fair given the circumstances. If we want good roads, hospitals and schools, someone has to pay. After years of tax loopholes, corporate theft and socialism for the banking industry, its about time the monied classes gave a bit back to society.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.