Prime Ministers Questions.

I heard Mrs May described as having “unbelievable grace and steel” by Boris Johnson this morning on radio 4. Following yesterday’s PM questions I thought unelievable brass neck and arrogance nearer to the truth.

The claims she was making in non answers to Jeremy Corbyn’s questions have given me enough material to write about for days. I lost count of the number times she claimed the Tories to be the party of low taxation. She laid claim to starting the living wage, a term produced by Loughborough University, and a re-branding of Labour’s National Minimum Wage.

And her bogus claims went on – more doctors, more nurses, more homes, more employment. In fact if the claims were true we would have little to complain about. If only…..

So for her return to answering important questions she resorts to the Harold McMillan line “You never had it so good”.

I will give some reality checks to her false claims and arrogant blustering over the next few post.

MOG

Should we tax wealth rather than income?

I surprised my son-in-law yesterday when I said that people earning £70k+ p.a. are in the top 5% of earners. But this is true – those earning millions are in the top 0.1%.

But that isn’t the whole story because that is just earned income. As we know the truly wealthy have many sources of unearned income. What you may not realise is the favourable way our tax system treats them.

Take for example someone working hard and earning £27,000 p.a. After tax and National Insurance is deducted they will be left with just over £21,500. Someone who sits at home reaping £27,000 benefits of invested wealth will receive over £26,000 after tax.

Clearly under our tax system wealth pays better than work.

Here’s an interesting quote concerning landowners.
“He renders no service to the community, he contributes nothing to the general welfare, he contributes nothing to the process from which his own enrichment is derived … the unearned increment on the land is reaped by the land monopolist in exact proportion, not to the service, but to the disservice done.”
Winston Churchill 1909

Whilst a fair land tax may be difficult to devise and operate, capital gains tax is not.

Unearned income should be treated in exactly the same way as earned income – why one rule for the hard working British worker and a more generous rule for the wealthy.

Of course the wealthy will whinge – ‘oh but we’ve already paid tax on our wealth’. That may be true but by having this unfair tax advantage on what that wealth gains in unearned income is robbing the wealth reward of all other industries that the workers produce.

It is time to address this imbalance.

MOG

Hello world!

Please be patient whilst I organise my Blog.  Something to think about whilst I do that……..

The conservatives love their slogans – but they seem to have dropped ‘strong and stable’ and ‘coalition of chaos’ in favour of ‘There is no magic money tree’

Well guess what.  The British are not stupid.  We already know that.  We also know that as one of the richest economies in the world, where we spend our money is about ‘choices’ and not ‘money trees’.

If you don’t properly fund the NHS but reduce direct taxes to the top 20% and companies – THAT IS A CHOICE.

And how come they found a money tree in Northern Ireland anyway???