50p Tax Rate Must Go!

After years of reckless spending throughout Labour’s time in Government, it became inevitable once again for the Tory’s to pick up the pieces, make the hard decisions and implement policies that were never going to be popular, all in the name of balance and recovery.
It was absolutely necessary for the Chancellor to make deep cuts, reining in the spending of government departments, making savings where possible.  Whilst I continue to support these measures, and indeed think deeper cuts could be made still, there now needs to be a shift in attention to where growth can be obtained.  As cuts and savings will continue for as long as necessary, generating national income and revitilising the economy through business must have Mr Osborne’s full attention.  The next step in the road to recovery has to be the culling of the 50p tax rate. 
Those earning more than £150k fall into the 50p tax bracket, a staggering 1% of the population!  This is quite clearly a barrier to recovery.  No body wants to sacrafice such a chunk of their hard earned salery in tax, and it does nothing but discourage people from investing in Britain and setting up businesses, the very poeple that have the potential to drive us from economic instability.  Business creates wealth, jobs, and an opportunity for individuals to grow, all aspects that are being stunted through the imposition of a high tax rate.
Getting rid of the 50p tax is not a tax break for the rich, but a common sense policy to stimulate growth and encourage positivity in investment. 
The income that was meant to be generated by this measure clearly hasn’t come to bear the fruits it was believed to deliver, and for Osborne to stand by his promise that the measure was temporary, it must go now.


One thought on “50p Tax Rate Must Go!

  1. Pingback: Screw tax cuts to the rich. The 20% VAT should go! « Birmingham University Labour Students

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s