More tax on the way

 Tax those earning over £70k, says Labour

Labour could hit “rich” people paid more than £70,000 with higher taxes. Speaking on BBC Radio 4’s Today programme, shadow chancellor John McDonnell said: “We want to get a system that is fair, so the corporations and the rich pay their way more and that means ending the tax giveaways to the corporations and also those in inheritance tax, capital gains tax and the bankers’ levy.” Asked to define rich, Mr McDonnell said they would be people earning "above £70,000 to £80,000 a year" but when pressed on whether that would mean people in that bracket paying more, he said: "That"s not what we"ve said." Adam Marshall, DG of the BCC, said any plan to increase income tax would have a “double negative effect” on the economy because it would discourage entrepreneurship and raise less tax, not more.

Source:   Financial Times (20/04/2017)