When i first started work income tax was 33% of my wages and i was happy about that as we had decent public services. You could see a Doctor, a Dentist, there were libraries and youth clubs, the roads were decent to drive on, potholes were rare. local government had money to spend on essential services like mental health provision etc etc.
Tax cuts are always proclaimed by the Tories as giving you more money in your pocket, which is fair, but if you get an extra quid in your pocket a week from the cut whilst a person earning a Million gets lots more quids in their pocket how is that fair?
Tories also like to use the Laffer curve as a reason why taxation on the rich does not work.
The Laffer Curve states that if tax rates are increased above a certain level, then tax revenues can actually fall because higher tax rates discourage people from working, Ergo lower taxes mean you will slave your arse off working for a crap company paying you minimum wage.
Laffer though was a fucking idiot, a discredited economist, he took no account of the tax paying base and its based on everyone paying a single tax rate.
There has never been a conclusive study that demonstrates a connection between lowered tax rates on the wealthy and GDP growth or increased tax receipts. During the 1940s and the 1970s, the top marginal tax rate was anywhere between 70 percent and 94 percent. In this same period, we experienced the largest GDP growth our country has ever seen, and we were able to invest in the future of our children, economy and environment.
After the 1980s, when the top marginal tax rate began its steady decline, we haven’t seen nearly the GDP gains that we saw during our post-World War II boom.
Why then, here is the question.
Do you support tax cuts?
