Poorest hammered by highest taxes
It is not the Rich List that Labour has targeted.
Says Harry Benson of the Bristol Community Family Trust
In a nutshell, if you are on a poor wage helped by tax credits there is no incentive to work longer hours or earn extra money. Every extra pound that you earn attracts an additional 70% tax!
Here’s how it works. Take the situation of a couple with two children and a combined income below national average during 2008-9 of anywhere between £10,000 and £25,000. For each additional £1 that they earn,
- they pay 20p more income tax
- they pay 11p more national insurance
- they receive 39p fewer tax credits
Labour’s tax policies have developed into a complex and complicated multi headed monster that now bites the hand that feeds it. Hard working families all over South Tyneside and the rest of the UK are being hit harder by Labour than Sir Michael Caine.
Mr. Hepburn please take note.
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