Ed Balls launches “Tory Millionaire’s Day” campaign – and outlines some of what Labour’s alternative budget would do

26th February, 2013 1:04 pm

As we told you yesterday, Labour are launching a campaign against Osborne’s decision to implement a real terms cut to tax credits whilst on the same day cutting tax for millionaires. Launching the campaign – called “Tory Millionaire’s Day” in an email to Labour supporterss this afternoon, Ed Balls will outline the following as policies which Labour would implement if he were delivering the budget:

  • cancel the tax cut for millionaires and the raid on tax credits for working families;
  • bring back a lower 10p starting rate of tax to give 25 million people on middle and low incomes a tax cut, paid for by a mansion tax on houses over £2 million;
  • and take action to kick-start this flatling economy by bringing forward infrastructure investment, building thousands of affordable homes and boosting lending to small businesses.  

The graphic for the campaign – which will appear on leaflets, direct mails and online ads – sticks to the repeated party line that Osborne and Cameron are “writing a cheque” to millionaires. Here it is:

cheque-web_01_WEB

  • externalities

    How much will “millionaires” gain from reintroducing the unnecessary 10p rate? Just as much as those on “middle and low incomes”.

    How much will someone earning £9,000 get? Nothing.

  • Hamish Dewar

    I guess most people can work out that a tax cut of 5% on £1 million doesn’t equate to £100,000.. Presumably the latter figure (100,000) is based on the average income of those earning 1 million plus being at least twice that. But it somewhat blunts the point of this part of the message.

    I would like to see Labour going further than the 10% tax rate by supporting totally progressive tax rates. An easily stated and memorable progression would be 1% on income from 1k to 2k, 2% on income from 2k to 3k, and so on to the point of diminishing returns, which would be close to 100% in my view. This policy could be contrasted with the coalition slogan of removing people from the tax net altogether, which is patronising and divisive (tax payers v. non tax-payers).
    It goes without saying that fully progressive rates require full computerisation of the process of collecting tax. There are many ways this could be implemented, from: all income is paid to the state and the state passes on the net income to the individual; to: all income is paid to the individual and the individual uses a certified algorithm to pass on the due tax to the state. In the old days, banks could have been expected to provide this service.

  • AlanGiles

    Yet another amazing piece of cheek. I am no friend of the Tories, but “Tory Millionaires Day”. Are they different to Labour millionaires some of whom sit in the shadow cabinet?.
    Last year it was Greggs, to prove how “one of us” he is. Now it’s this. It’s all…, well….Balls

  • Dave Postles

    What’s the point? You want to spend the income on Trident?

    ‘Labour will fight the next general election on a pledge to retain
    Britain’s independent nuclear deterrent, senior party sources have said.

    Although some advisers to Ed Miliband want him to opt for a
    scaled-down, cheaper alternative to the current Trident system, there
    are growing signs that Labour will join the Conservatives in backing a
    £25billion “like-for-like” replacement.’

    http://www.independent.co.uk/news/uk/politics/labour-to-join-tories-in-backing-a-25bn-deal-to-renew-trident-fleet-8512209.html

    You expect us to come back with this rot?

  • Karl Hungus

    What I think may exercise voters in this debate is the Tories excuse for cutting the tax rate: the rich just aren’t up for paying high taxes, and there’s nothing the Government is willing to do about it.

    Us plebs get treated like errant schoolkids in any of our interactions with the state… (filling a tax return incorrectly; speeding fines; the way you get spoken to sometimes, at a GP appointment, or the jobcentre).

    By contrast, if you’ve got money, Government bends over backwards for you, as with this tax rate.

    It’s a commonly-felt perception, and I feel that Labour could tap into the popular mood on this issue

    • Dave Postles

      I agree entirely. When my brother was signed off as ill, he had to complete a 17-page form with 3 pages of introduction to claim his ESA (Form ESA50). The form was replete with notes about sanctions. He was told that no cancellations or amendments are allowed on the form. In addition, I had to pay a not inconsiderable amount for the GP to provide a supporting letter. I spent four hours reading background information to the form, downloading a copy, making provisional entries, and then two hours with him completing the form. He was traumatized by it. He had just been discharged from hospital after an attempted suicide. Is this really the way to treat ill people?

      • AlanGiles

        No it isn’t and it is what really angers me. Yesterday Mark’s piece on welfare, for example, where he castigated the WCA component. Quite rightly so – but he failed to acknowledge it was ex “Labour” minister Purnell who introduced it.

        I remember about 6 years ago helping a man, who had moderate learning difficulties, who had got into trouble with the DWP basically because he had misunderstood part of the form he had submitted (pre ESA) – or more correctly had been persuaded to sign it without being fully informed of what he was signing) and it was only after two lengthy and hostile interviews with the DWP (I was present at one of them) they dropped their threat of prosecution. It is cases like that which make me continue to highlight the disgusting and deliberate expenses frauds.

        A LL poster told me blithely yesterday that the scandal was now “done and dusted”. I am sure none of us believe all the old lags have gone straight, and if they do get caught out again, they will be dealt with as leniently as this unfortunate man was harshly.

        I hope whatever your brother’s troubles are, he recovers.

  • Timmo111

    I hope labour millionaires such as the Millibands send their hundred grand cheques back to the treasury or they could donate them charity.

Latest

  • Featured News Burnham: I’ll renationalise the railways

    Burnham: I’ll renationalise the railways

    Andy Burnham will this week pledge to renationalise the railways. He will announce the policy on Thursday, as well as support for re-regulation of bus services and support for high speed cross-country east to west rail services. The leadership candidate will attack the Tories for selling off the East Coast mainline, after the state-run service ran a profit and cut train tickets for customers. In a “personal manifesto” launching this week, Burnham will support bringing rail franchises back into government […]

    Read more →
  • News UK tax system is “not fit for purpose”

    UK tax system is “not fit for purpose”

    Research suggests that talking about tax is not as “politically toxic” with voters as it is perceived to be, and Labour urgently needs to consider radical tax reforms, according to a new Fabian Society report. Tax for our Times (which you can read here) sets out how the “UK’s tax system isn’t fit for purpose and specialists across the board agree on the need for reform”. The pamphlet brings together diverse voices from across the Labour Party, including Patrick Diamond, […]

    Read more →
  • Featured News Deputy leader CLP nominations and how they compare to 2007

    Deputy leader CLP nominations and how they compare to 2007

    On Friday the deadline for Constituency Labour Parties (CLPs) up and down the country to nominate their chosen candidate in the leadership race closed. Yesterday we published a full table of how CLPs nominated this time round in comparison to 2010. But what about the deputy leadership contest? The CLP results for this year are as follows (we have a full list of how each CLP nominated at the bottom of this page): Ben Bradshaw 20, Stella Creasy 77, Angela […]

    Read more →
  • News Alan Johnson endorses Yvette Cooper for leader and says Jeremy Corbyn isn’t right for the job

    Alan Johnson endorses Yvette Cooper for leader and says Jeremy Corbyn isn’t right for the job

    Update: According to Yvette Cooper’s campaign team, Johnson will be joining her on the campaign trail next week. Alan Johnson has called on Labour to elect Yvette Cooper as Labour leader and said that Jeremy Corbyn isn’t right for the job. In an article for the Guardian the former Home Secretary has said Cooper has “the intellect, the experience and the inner-steel” to be a successful leader.  The newly-appointed head of Labour’s pro EU campaign also writes that she would unite the party to […]

    Read more →
  • News LGBT activist Michael Cashman endorses Sadiq Khan’s London Mayor bid

    LGBT activist Michael Cashman endorses Sadiq Khan’s London Mayor bid

    LGBT activist Michael Cashman has endorsed Sadiq Khan’s bid to be London Mayor. Khan is one of six peopled standing to be Labour’s candidate for the mayoral position. Cashman, founder of lesbian, gay, bisexual and transgender rights charity Stonewall, has announced he will be supporting Khan in his effort to become the Labour candidate for this role. Cashman is also a Labour peer. Last year Ed Miliband appointed him to be Labour’s  special envoy on LGBT issues worldwide. He declared […]

    Read more →
Share with your friends










Submit