The Mail revealed their true agenda today with two headlines on potential tax u-turns by the Labour and Conservative parties.
The Mail revealed their true colours today with two headlines on potential tax u-turns by the Labour and Conservative parties.
Responding to the possibility of a u-turn by Labour on its pledge to raise the inheritance tax threshold from £325,000 to £350,000, the Mail headline read:
“Inheritance tax blow for families as Darling may freeze allowance to cut deficit”
But a Tory turnabout on tax cuts for married couples was greeted without an adjective in sight:
“Cameron may water down plans for married couples’ tax breaks over fears they are unaffordable”
Left Foot Forward outlined on Thursday that the richest ten per cent of earners would receive £380 under Tory tax breaks for married couples while the poorest ten per cent would receive just £30, a deeply regressive policy.
Labour’s current inheritance tax plans would have given a windfall of £10,000 to those inheriting estates worth more than £350,000, another regressive move. But the Conservatives remain committed to their plans to raise the threshold on inheritance tax to £1,000,000 – and £2,000,000 for couples – giving a £540,000 windfall to each of the country’s largest estates. The Mirror revealed last week that the shadow cabinet would benefit to the tune of £7,000,000 from the policy. It was described by Andrew Rawnsley in yesterday’s Observer as, “an albatross around the necks of [George Osborne] and David Cameron.”
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