I'm not sure it would work. If you are going to give anyone earning less than £25000 no income tax then anyone earning up to £28000 a year is better off taking a three grand pay cut at work as they would be paying £3089 income tax anyway + savings on NI. The change to the personal allowance for people earning more than £100000 is a good idea though.
I've always been in favour of the tax threshold being inversely based on earnings so that it benefits the poorest most, either that or it should be scrapped altogether and the basic rate should be incrementally based on earnings. This would address the problem outlined by @Skryptic (above).
Seems a pretty good method of raising money in the short term though I’d prefer it to be a long term approach with the money raised from companies to go into a sovereign wealth fund as Norway did with its oil monies.
Raise taxes to 50% above £70k and 60% above £100k Permanently and also provide a buffer that no one below 30k suffer in comparison eg those less than £25 k using allowances. Especially in the 25-30k bracket eg those on 28k don't take home less than 25 k. Someone on £70k will take home approximately £50k pa not including pension liabilities. Those above £70k to £100k. £100 extra tax per £1k of earnings Those above £100k. £200 extra per £1k of earnings So 1.2 million people. will pay a minimum of £3k extra pa. in taxes and of those a third ( above £150k )will pay a minimum of £13k extra pa. In taxes. Thus raising an average of £8k pp x 1.2 million = £9.6 BILLION That's personal taxes per year. where the guy on the radio quoted £6 billion over 2 years his method. Whereas his cost was £12 billion per year. Admittedly I've not worked out the buffer cost. That doesn't include millionaires and eg utility directors Someone on £500k for example would pay an estimated £48k extra in tax per year. Given the max rate at the moment is 45% above As for business taxes I'll take his advice. £150k. I reckon those at the top could spare a few coppers and tbf some are willing. Tighten the loopholes and imprison those who break em. Also those that want to leave the country give em a canoe and a paddle and send em on their way. I'm sure one or two of you will question my maths. Lol.
I can't question your maths, I don't have the intellectual wherewithal, and would the canoe and paddle be tax deductible?
