Tax Cutting LibDems

Political cross dressing is getting increasingly complex, Vince Cable is advocating a 16% starting rate for income tax, abolishing tax breaks on capital gains and pensions plus raising “dirty” taxes. They admit they don’t really aim to cut taxes, just shift the burden around.

Cutting the tax code, raising the stamp duty and inheritance tax threshold are all good, but clobbering capital gains will discourage enterprise and investment. Retirees are in enough trouble after Gordon’s Great Pension Grab without taxing them even more.

Can’t help feeling sorry for multi-millionaire Chris Huhne, it came out during the LibDem leadership battle that he was a prolific investor in capital gains tax shelters…




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Quote of the Day

Philip Hammond uses a trip to Berlin to mock the Foreign Secretary:

“A compromise is the art of dividing a cake in such a way that everyone believes he has the biggest piece. Wise words with some applicability to the Brexit negotiations although I try to discourage talk of “cake” amongst my colleagues.”

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