Labour reveals tax data showing UK economic growth 'only helps top 1%'

by Irn Bru Wed May 14, 2014 10:18 pm

Party cites HMRC figures showing bottom 90% of taxpayers share less post-tax income but top 300,000 have more

Labour released figures that show the return of economic growth has overwhelmingly benefited the top 1% of earners.

The disclosure of the findings from HM Revenue and Customs precedes the announcement of employment and earnings statistics on Wednesday which are expected to reveal a buoyant economy.

Over the past year, the share of national post-tax income of the top 1% of taxpayers – just 300,000 people – has risen from 8.2% in 2012-13 to 9.8 % in 2013-14. Over the same period, the bottom 90% – a total of 27 million taxpayers – have seen their share of post-tax income fall from 71.3% to 70.4%, according to estimates contained in the latest Income Tax Liabilities Statistics published by HMRC. They cover the year when GDP growth returned and the top rate of income tax on earnings above £150,000 was reduced from 50% to 45%.

Labour will use the figures to argue that there has been no recovery for middle Britain. Chris Leslie, shadow chief secretary to the Treasury, said: "David Cameron and George Osborne are trying to claim the cost-of-living crisis is over, but these official figures expose what's really happening under the Tories. While the top 1% of taxpayers have seen their share of income after tax go up, the bottom 90% on middle and lower incomes have seen theirs fall.

http://www.theguardian.com/politics/2014/may/13/labour-tax-data-shows-growth-helps-top-1-percent

No doubt the cap-doffers and forelock tuggers will be along shortly to dispute official figures drawn from HMRC data. A recovery for the few whist the many are still left struggling. This government should be ashamed of this. Get them out.

by Guest Wed May 14, 2014 10:35 pm

Was watching on the TV news, they were asking people if they were better off, only one person said yes, and that was because he had just been given a promotion.

by Fred Thu May 15, 2014 3:49 pm

This from the party that made everyone worse off except those on state benefits in state jobs you mean. Labour has been suggesting Franc was the way to go erm that was wrong.

Irn Bru the game is up Milliband looks a dick he has got every call on the economy wrong. His only weapon now is attack big business and the class war.

The politics of envy much beloved by losers every where.

by Fred Thu May 15, 2014 4:03 pm

The point is comrades those 300,000 pay a huge proportion of the overall tax in this country. Piss them off as it is Eds intention to do the 27 million will pay a huge amount more.

You simply don't get it. The top rate is as yo well know 45% +13%. When Thatcher brought down Labours rates from 98% to 40% revenues rose. You are simply too thick to understand that reasonable rates means you get 45% of x rather than 98% of fuck all.

The British people who vote for Labours screw the rich will be voting for huge tax hikes on themselves. Labour love spending so someone will have to fill the gap when the richer taxpayers go away.

I think most sensible people know that its only you dumb class warriors who don't.

by Irn Bru Thu May 15, 2014 8:05 pm

Alright said Fred wrote:The point is comrades those 300,000 pay a huge proportion of the overall tax in this country. Piss them off as it is Eds intention to do the 27 million will pay a huge amount more.

You simply don't get it. The top rate is as yo well know 45% +13%. When Thatcher brought down Labours rates from 98% to 40% revenues rose. You are simply too thick to understand that reasonable rates means you get 45% of x rather than 98% of fuck all.

The British people who vote for Labours screw the rich will be voting for huge tax hikes on themselves. Labour love spending so someone will have to fill the gap when the richer taxpayers go away.

I think most sensible people know that its only you dumb class warriors who don't.

You just ignore all the statistical data and academic studies that tell you the truth and I would think you don't even get a red face in doing so.

Also from the Institute of Fiscal Studies 2010 election briefing...

Despite the increase in the tax burden since Labour came to power, total government receipts on the Treasury’s definition have averaged 37.5% of national income over the last 14 years, which is lower than the 40.2% average under the Conservatives between 1979 and 1997.

So now you know that as well.

Carry on
Irn.

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