To ask genuine question about Corbyn's manifesto

[Halle71]

This is not intended to be goady - just a genuine question from someone who has only read sound bites from the Labour Party manifesto and hopes someone with more knowledge than me can advise (it could also be irrelevant depending on today's outcome, but it has been bugging me).

They have pledged that income tax will not rise for those earning under £80k pa.
My question is, how will they raise enough funds by only increasing tax for the top 5% of earners. Say I earn £79,999 (I don't!) and I have 3 friends earning £80-90k - surely the only way to raise enough money will be to tax them heavily on all their income as merely increasing the percentage they pay on salary over £80k will be a drop in the ocean? But if they pay too much tax it will bring their net salary down lower than mine. So this clearly won't work.

I looked at the tax comparison for each party and someone earning £100k would pay an additional £3k per year and I can't see there being enough people paying this to make many of the social changes in the manifesto. I live in London, work in media and have friends who are lawyers, consultants, senior management, own businesses etc and still don't know many people earning £100k. Btw I also have friends who are teachers, nurses, doctors, police officers and SAHM or unemployed.

Surely we need to be raising additional income from the band of people who can (just about) afford it and of whom there are a lot of?
Don't income tax rises have to start around £45k???

Or has another way of funding changes been outlined?

Google the IFS - they made quite detailed breakdowns of how manifesto spending pledges broke down.

They did find btw that all parties would be overspending (and adding to the national debt) and that the overspend would be the highest under Labour. So the short answer to your question is that it doesn't add up.

And whenever you have a figure as a threshold for something, those immediately either side of it might well feel hard done by. Or take steps to try to put themselves on their preferred side of it.

Try this as a starting point:

election2017.ifs.org.uk/article/manifesto-analysis-briefing-23-may?_ga=2.261907533.1908482511.1496990881-10032162.1496828415

It's the money tree. It doesn't add up - they are £42 billion short according to the IMF. Which is a shame as it sounds lovely. And that's not taking into account the City going to Frankfurt when he put the transaction tax on (that's 25% of our GDP however much we hate bankers), and large companies leaving for lower taxed countries. I wish it was all possible but it's not. But it sounds good 😁. Corbyn has played a blinder