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Link to this page: http://www.socialistparty.org.uk/issue/306/12661

From The Socialist newspaper, 28 June 2003

Make The Fat Cats Pay

CABINET MINISTER Peter Hain's very modest proposal - to increase the tax rate paid by the rich - caused a political storm.

Taxpayers now start paying the 40% top rate at 35,115 a year. Many better-paid workers are sucked in, especially in high-priced London. Millionaires and fat cats pay no higher rate than some nursing staff. Hain said a 50% rate for earnings over 50,000 and a 60% rate over 100,000 would mean that taxpayers earning under 50,000 a year could just pay the basic rate (22%).

The public sector think-tank, the Institute for Fiscal Studies, say this would cut the number of people paying higher rate tax to 1.7 million, but would bring the government in 5 billion more each year. Only those who earned over 76,000 a year would pay more.

This (very small) 'redistribution' drove Tory Blair to denounce Hain. New Labour's leaders promised the super-rich that they wouldn't pay higher rates of taxation. Blair's broken pledges to the working class by the barrel-load (see article below) but when it comes to the rich, his word's his bond!

After Blair's slap-down, Hain retracted his speech, saying he was just trying to open a debate on taxation.

Well, he's certainly done that. Many people, especially low-paid workers such as health workers in east London, Bolton and Lincolnshire fighting for a decent wage (see page 3), would back his plans - and more.

Unfortunately, the rich will still try a million ways to stop paying any taxes, such as putting their income or investments in low-tax or no-tax havens. Despite New Labour bringing down big business's taxes, many rich individuals and companies still pay little or no tax.

Nonetheless, we would back Hain's proposals. We also support imposing higher corporation tax on big business as well as putting up personal tax rates for the rich. We'd fight for a wealth tax. But if you seriously want to fight inequality, the best way is to join our fight to ditch capitalism and build a socialist society.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 28 June 2003:

Make The Fat Cats Pay

Scrap All Tuition Fees

Stop SATS

Health Workers Strike At Sick Wages

Marching Against Global Capitalism

Support Colombian Trade Unionists - Boycott Coca-Cola

Sexual Health Crisis

RMT conference: Not A Penny More To Labour

Transport union meets as Morris bows out

Unison conference - Labour link debate

Middle East: Sharon's Deadly Assassination Squads

Exclusive - Gary Mills and Tony Poole Jailed for 14 years by a corrupt system

George Orwell: Facing Up To The Contradictions

Books that inspired me

Marseille marches to a militant beat


 

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