Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/797/18106

From The Socialist newspaper, 5 February 2014

Labour taxing the rich? Balls

Simon Carter

Labour's shadow chancellor, Ed Balls, has incurred the wrath of the super-rich with his timid proposal that an incoming Labour government would increase the top rate of income tax for those earning over 150,000 a year from 45% back up to 50%.

Almost immediately after announcing this policy Balls was backpedalling, saying the 50p rate was only temporary and a maximum, in order to reassure the wealthy that he and Labour were not "anti-business" - as if anyone was in any doubt!

Meanwhile, Chancellor George Osborne revealed he has no qualms about supporting the mega-wealthy by hinting that the richest income earners could see their tax bill cut again under the Tories, from 45% to 40%.

Business experts dismiss the efficacy of Ball's proposal by saying the tax take will be minimal. But this is because it represents a tiny rise in income tax as opposed to a comprehensive and progressive wealth tax.

Moreover, the super-rich employ an army of accountants to avoid paying billions, often using offshore tax havens.

Many of these gaping tax loopholes were left open by previous Labour governments and are being maintained by Osborne and Co, despite Prime Minister Cameron's much vaunted G8 summit pledge last year to tackle international tax avoidance.

Labour's timid tax measures will not provide the resources to lift millions out of poverty nor provide long-term increased funding for public services.

To achieve that a socialist plan of economic production would be needed through the nationalisation of the major corporations and banks, under democratic workers' control and management.

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


In The Socialist 5 February 2014:


Socialist Party news and analysis

Bedroom tax beaten in Scotland

Who's robbing our NHS?

Trade unions - time to break Labour link is now!

Labour taxing the rich? Balls

Them & Us


International socialist news and analysis

Sochi winter Olympics - -breaking all records!

Ukraine: battling forces no friends of working class


Reports and campaigns

Trade Unionist and Socialist Coalition conference

Socialist Students: Preparing for struggles to come

Cameron's cruel cuts hammer the homeless

Floods: fully-funded environmental planning needed

Stop 98 million cuts in Worcestershire

Fleetwood: MP tries to evade hospital campaigners

Building the Socialist Party


Socialist Party workplace news

Stop the tube cuts: Support the strikes!

PCS: Re-elect fighting, campaigning leadership

NUT national executive agrees date for national strike

Yorks ambulance workers strike again

Preparing action in Lewisham

Royal Opera House workers win living wage

Future Directions dispute settled

Tebay: RMT rally


Readers' comments

Who supported the 1984-85 miners' strike?

Pete Seeger - Sound of US protest movement

Osborne claims recovery - super-exploitation is reality


 

Home   |   The Socialist 5 February 2014   |   Join the Socialist Party

Subscribe   |   Donate   |   PDF  |   ebook






Related links:

Labour:

triangleArriva bus drivers' action wins pay rise

triangleBlairite council 'all ears' to rich property developers

triangleThe Socialist's 2017 quiz

triangleTotnes MP uses coffin controversy to distract from brutal NHS cuts

triangleLabour 'purge' furore really just democracy

Rich:

triangleThem & Us

triangleTrump's tax attacks

triangle'Paradise' for billionaires - austerity for us

triangleCan you donate to the Socialism 2017 appeal?

Tax:

triangleThe Socialist Inbox

triangleTrump's tax plan: Robin Hood in reverse

triangleThem & us

Super-rich:

triangleYoung people being strangled by debts

triangleTories torn - bin them now

News and socialist analysis

News and socialist analysis

13/12/17

Labour

Labour 'purge' furore really just democracy

13/12/17

Brexit

Brexit deal no solution to Tory rifts

13/12/17

Housing

Two in five 'right to buy' homes now for let

13/12/17

NHS

Save our NHS

13/12/17

Them & Us

Them & Us

13/12/17

Fees

Uni market 'failure', two-year degrees - end cuts, scrap fees!

13/12/17

Retail

Retail sector crunch: nationalise to save jobs

8/12/17

Government

Local government pay: fight for the 5% claim, fully funded

6/12/17

Labour

Corbyn's Labour can defeat Tories with socialist programme

6/12/17

NHS

Branson sues NHS: kick out the profiteers

6/12/17

Immigration

Royal wedding exposes them-and-us visa system

6/12/17

Banks

RBS to sack 1,000: nationalise the banks

6/12/17

Homelessness

Rough sleeping crisis: make homes, not arrests

6/12/17

Poverty

End Tory war on poor

6/12/17

Rail

Nationalise rail now

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle16 Dec Blairite council 'all ears' to rich property developers

triangle16 Dec Arriva bus drivers' action wins pay rise

triangle14 Dec Stop the rotten redevelopment plan, demand residents

triangle13 Dec Six months on - still no justice for Grenfell

triangle13 Dec Movement growing against fracking giant Ineos

triangle13 Dec Totnes MP uses coffin controversy to distract from brutal NHS cuts

triangle13 Dec Trump's incendiary Jerusalem statement reignites Israeli-Palestinian...

More ...

triangle18 Dec Leeds Socialist Party: Religion and Socialism

triangle19 Dec Bristol North Socialist Party: Christmas social

triangle21 Dec Wakefield Socialist Party: Socialists and the National Question

triangle6 Jan Socialist Party national women's meeting

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2