Anthony Hilton: Ed Miliband’s proposal for 10p tax band is alarming
Friday 15 February 2013
Doing some homework for a radio phone-in on Ed Miliband's proposal for a 10p tax band on Thursday, I was shocked at just how high the mansion tax would have to be to pay for it.
There are only about 70,000 houses worth more than £2m and about 25 million taxpayers looking for a share. So supposing the 10p tax band covered the first £1,000 of taxable income it would cost about £2.5bn to give everyone £100 a year. Not that many would actually get that, because among the lower paid it might well trigger an offsetting claw back of state benefits.
But raising the £2.5bn from mansion owners to finance even that paltry change would mean those with houses worth £2m or more would each need to find £35,000 a year each.
Mr Miliband got his headlines just as elections loom, but the idea needs a lot more thought. There are better ways to help the lower paid and tax the wealthy.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
The magicians using online collaboration to push the boundaries
Jennifer Lawrence attacks mass media again over body image
Paris charity auction staged to save the ancient city of Tyre
scienceScientists find the answer to a question that even puzzled Darwin
A very timely Great Train Robbery and a frantic 24 Hours in A&E among the highlights
Geoffrey Macnab: The Wolf of Wall Street's account of white-collar excess is A Rake’s Progress on steroids
arts + entsThe 'Friends' actor on his new role as campaigner on addiction issues
Sun will 'flip upside down' within weeks, says Nasa
Colin Farrell reveals ‘affair’ with Elizabeth Taylor: 'She was my last romantic relationship'
Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
Peter O'Toole: Tales of the late film icon
- 1 America's 'virgin births'? One in 200 mothers 'became pregnant without having sex'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 Christmas comes early: Justin Bieber announces he's 'retiring from music'
- 4 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- 5 Status: Wet - Woman walks off a pier while checking Facebook on her phone
- < Previous
- Next >
iJobs Money & Business
£25000 - £35000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: A leading prov...
Negotiable: Harrington Starr: One of the leading providers of buy side technol...