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The rich get richer: David Cameron's tax cut will help 13,000 millionaires

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The rich get richer: David Cameron's tax cut will help 13,000 millionaires
3 Feb 2013 00:00

New figures reveal the number of people earning at least ?1m a year has rocketed

David Cameron in party political broadcast
YouTube
 

THE number of millionaires who will benefit from David Cameron?s April tax cut has soared to 13,000.

Experts had predicted that 8,000 people earning ??1million a year would get an average tax cut of almost ?100,000 ? thanks to the PM and Chancellor George ?Osborne?s ?decision to cut the 50p top rate of tax to 45p.

But new figures reveal the number of people earning at least ?1m a year has ?rocketed to 13,000, despite the ?economy being on the brink of a triple-dip recession.

The income of Brits who earned more than ?1m last year was an astonishing ?27.4billion.

HM Revenue and Customs ?figures reveal that the million-pound ?earners would have paid a total of ?12.7bn this year at the 50p tax rate.

But that will drop by ?1.3bn to ?11.4bn when the rate is slashed to 45p.

The cut will come as ?Britain?s poorest are hit by a council tax ?benefits shake-up.

A ?bedroom tax? will mean people living in social ?housing who are deemed to have a spare bedroom face being forced to move to a smaller house or face a cut in benefits.

Labour?s Shadow Treasury Minister Catherine McKinnell said the latest figures proved that Mr ?Cameron and Mr Osborne were ?out of touch with ?reality?.
 

What do you think about this story? Have your say by leaving your comments below.

 


11 comments


 slashing the top rate of tax to 45p ?1.3bn is lost in tax revenue, but taxing the poor with the bedroom tax will recoup most of that. It's quite obvious where his loyalties lie.

And as a gesture of Solidarity and Protest, ALL the LABOUR Millionaires will Refuse the Tax cut or Donate the amount to a UK CHARITY >>>>>> :-) Not Very Likely in the Real World, Is It ???? Quotes about, ""Feeding from the same Trough"" spring to mind :-)

James Gale

9:19 AM on 25/2/2013

"New figures reveal the number of people earning at least ?1m a year has rocketed" - I just WISH people including journalists would learn the difference between 'earning' and 'having an income of'; no-one EARNS ?1m a year!



Patricia Marsh

10:27 PM on 7/2/2013

patricia marsh ? 2 minutes ago −
 how is he spending money wisely he has a social
 house that has a spare room plus 3 other homes goes to wine tasting that cost taxpayers over 12.000 pounds has his shopping paid for on expenses thats 160.00 a week plus other expensis he is employed by the british public we work and have to pay for these everyday things ourselves oh and he at one time claimed d.l.a for his disabled child paid for with our taxes and he also claimed for nappies and also child benefit and plus the other goverment scroungers who have done the same if we add this up over a year along with the other mp s and remove this privalege which us workers dont get i think that would be fair or give us the same expenses after all its only fair he didnt need to claim from welfare he was a millionaire and after all we all in this together


Denise Clendinning

10:54 AM on 4/2/2013

disgusting



Fiona Branson

4:21 PM on 3/2/2013

this appalling un-elected government are making a sham of our democracy. the last election was - for the first time ever - monitored by commonwealth representatives, who noted that voters in several constituencies were turned away from polling stations. the uk government has vetoed commonwealth elections for less. i am not in favour of the monarchy exerting undue power over parliament and people - but would it be too much for the monarch to accept the report on our last election delivered by commonwealth representatives - and call a general election for the benefit of the people of this country, before further ludicrous (and ultimately ludicrously expensive - see overspend; consultants closing lewisham a+e) legislation that has not even appeared in anyone's manifesto is finger-screwed onto the people of the UK.



Catherine Boyle Morgan

2:02 PM on 3/2/2013


always the same the rich get richer and the poor get poorer,u need to think of your own country in times of crisis not others


Chris Ray

12:32 PM on 3/2/2013

It's funny how, during the good times, most of us failed to benefit. Even during the period of economic expansion we were subject to wage controls, rising prices and ever more job insecurity. It was always "jam tomorrow." Now the bad times are here and "We're all in this together." Except, of course, we're not. A huge confidence trick has been followed by an even bigger confidence trick.


Matthew Chambers

10:35 AM on 3/2/2013





Nothing changes for the Condems


Mary Birse

10:19 AM on 3/2/2013





what did you expect ,Tory has always been for the rich ,they have never lived in the real world ,so dont expect them to change now


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