I opened the newspaper today and immediately two new tax stories popped out.
First, the European Union is recommending that the UK increase taxes on property and land in order to … wait for it … boost economic growth in Britain. The EU doesn’t do irony.
Furthermore they said ‘To assist with fiscal consolidation, consideration should be given to raising tax revenues through broadening the tax base.’
Meanwhile the Labour Party is planning a ‘big idea’: to add another 1% increase to National Insurance Contributions to increase the budget for the National Health Service (for non-Brits that’s a tax on employment masquerading as payment for social benefits including the NHS). The tax is paid both by the employed and their employers … a tax on jobs to subsidise non-jobs. Employers organisations warn that any increase in ‘contributions’ (I love these euphemisms for theft) will cause job losses: The Oxford Economics study concluded 91,000 fewer jobs.
Clearly Labour is the Party for losers, intent on dragging even more of British society into that category.