Tory's to hike up VAT to 19.5%

[magentadreamer]

Sorry it's a DM story but another reason not to trust the party that gave us record unemployment, sky high mortgage rates in the 80's the poll tax and sold off the family silver amongst other things.

www.dailymail.co.uk/news/election/article-1269677/Tories-secret-plot-raise-VAT-19- 5-emergency-June-Budget.html

"Who in their right mind would stay in this country just to hand over over half of their income"

I thought the 50% tax only kicked in once you are earning over a certain amount? So no one would be paying half thir income as the tax only applies to anything over a certain amount?

Yes, agree on the technical difference, DF, but even having a 50% level is quite discouraging. No wonder many rich people are enticed into employing tax specialist firms to try to avoid some of the taxes.

I suppose (far too radical) the whole tax system needs a massive overhaul to simplify rules and cover just the 4 or 5 areas - income, inheritance, investments (shares and bonds), capital gains, and company profits/bonuses.

(Sorry, not a tax expert, hence out of touch with what other areas may apply).