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Rachel Reeves’s first budget has triggered a backlash – but only the wealthiest are being asked to pay their fair shareSomeone had to pay. Is this a “class”-based budget, the chancellor is asked on the BBC? No, it’s raising money urgently needed for the NHS and all public services. Someone has to pay, and if not the best-off, then who?Labour chose larger employers, those with more than four employees. And Labour taxed the well-off, those with capital gains and private jets, those joining the 7% with rental properties, and the families of the 7% of children in private schools. Even with the changes to inheritance tax (IHT) on farms and businesses, only 7% of estates are expected to be liable. Pension pots will now pay IHT – but they did previously, until George Osborne changed them as another gift to the wealthy in 2015.Polly Toynbee is a Guardian columnist Continue reading…
Rachel Reeves’s first budget has triggered a backlash – but only the wealthiest are being asked to pay their fair share
Someone had to pay. Is this a “class”-based budget, the chancellor is asked on the BBC? No, it’s raising money urgently needed for the NHS and all public services. Someone has to pay, and if not the best-off, then who?
Labour chose larger employers, those with more than four employees. And Labour taxed the well-off, those with capital gains and private jets, those joining the 7% with rental properties, and the families of the 7% of children in private schools. Even with the changes to inheritance tax (IHT) on farms and businesses, only 7% of estates are expected to be liable. Pension pots will now pay IHT – but they did previously, until George Osborne changed them as another gift to the wealthy in 2015.
Polly Toynbee is a Guardian columnist
