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The budget statement

Probably more coherent than whatever’s been said on Jeremy Vine:

Far from freezing the personal allowance, Sunak should have raised it to the full year, full time minimum wage. True, it might not then be possible to balance the books by increasing revenue. We do, after all, face Laffer Curve problems with taxing the richer even more than they already pay. Which would mean that a just and moral system might have to reduce expenditure – something which, I have to admit, would not break my heart. Less government isn’t all that appalling an idea.

9 thoughts on “The budget statement”

  1. Corporation tax hike later on might be bad for dividends, other than that nothing changed for a small investor as far as I can see.

  2. He’s obviously hoping that the tax losses caused by the lockdowns and deliberate attempts to destroy the hospitality and travel industries will have been used up by then

  3. PJF, after all, it is the governments and politicians who know better than the markets where the future innovations and business are heading. They are in the best position to pick tomorrow’s winners and avoid losers.

  4. Bloke in North Dorset

    At least he was honest that fiscal drag is a tax rise, unlike Brown and Osborn who pretended it wasn’t and that nobody would notice.

    I’d prefer honesty every time, even if I disagree with the policy.

  5. @BiND

    “Fiscal Drag”

    The level at which the 60% marginal income tax rate kicks in was set at £100,000 on 6th April 2010. It’s still at the same level.

  6. The £100k taper away of the personal allowance is the worst part of our income tax system if you ask me.

  7. I really don’t see why they don’t get rid of the personal allowance taper and instead start the 45% rate at £100k. I would have thought it would increase revenues (albeit by only a tad) while simplifying the tax code and removing a silly marginal rate.

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