The Budget Means Millions Pay More so that Millionaires Pay Less
Posted by Joan Walley, MP for Stoke-on-Trent North, at 17:52, Thu 22 March 2012:
Yesterday’s budget put an end to the Government’s claim that “we’re all in this together”.
Instead, millions will pay more so that millionaires can pay less.
People earning over £1m will receive a tax cut worth £40,000, whilst a family with children earning £20,000 will lose around £250 per year. This millionaires tax cut is to be paid for by a £3bn raid on pensioners and a further £10bn cut in welfare for the most vulnerable. The Chancellor also announced that he is to press ahead with changes to working tax credit which will force couple earning less than £17,000 to increase the amount of hours they work or lose all their tax credits. This takes no account of the fact that many people are unable to increase their working hours and may now be forced to give up work simply because it is no longer a feasible way to support their families.
The Budget also raised the prospect of regional pay, which will serve to further exacerbate the north-south divide, and a further £10bn of cuts to welfare for the most vulnerable. To read the Chancellor’s Budget Statement in full please click here http://www.publications.parliament.uk/pa/cm201212/cmhansrd/cm120321/debtext/120321-0001.htm#12032154000001
Joan Walley
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