Just who would benefit from Cameron’s Tax cuts ?
The tragedy of a a person being hit by a train in the Harrow & Wealdstone area, thus suspending all trains in and out of Euston Station gives the unexpected silver lining of me being able to resurrect my much neglected blog.
I’m interested today by the Cameron Gift Calculator on the front page of the Labour Party website (the content will doubtless change in coming days). The little gadget there allows you to type in the value of your estate and find out how much you will benefit from the cuts in inheritance tax that David Cameron’s Conservative party are proposing.
Well my house, in South Bedfordshire is worth around £225,000 – I have a mortgage of around £100,000 but this would be more or less paid off with life insurance should I or my wife die.
So how much would – benefit ? – Well I wouldn’t – nothing, zero – I’m not wealthy enough to get a present from Dave.
No surprise perhaps. After all according to the same Labour website neither would 96% of the population. It’s what I should expect no doubt.
But here’s the rub – I’m a Headteacher – a London Headteacher and I earn well above median earnings. In fact my salary of around £78,000 is (according to this July 2009 BBC article : Just what is a big salary? ) not just above average, but puts me in the top 5% of earners – comfortably in fact, with the cut off figure for the 95th centile being £58,917. Yet despite probably being in the top 4% of earners, I’m no where near the 4% of people who’d benefit from these Tory tax proposals.
So in case there’s anyone out there thinking the Tories’ tax cuts would benefit the high earners out there – forget it. It’s old money we’re talking out – people who had the money from the day they were born – or at least the promise of it when Mummy or Daddy popped their clogs.
Lest anyone’s in any doubt – the inheritance tax cuts would not affect anyone with estates of less than £700,000 – and then not massively. But if for example you had an estate worth £5, 000, 000 then you’d stand to benefit by £520,000 (or your heirs would). As if you’d need it !
As Gordon Brown observed in Parliament today, Cameron and Osborne “will know by name” almost all of the people who will benefit from these measures – and adding “Is this what the Conservatives mean when they say ‘we’re all in this together?’
So before you go off and vote Conservative in the general election – ‘just for a change’ – remember what kind of people they are : They are really greedy people who just look out for themselves and their own kind !
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