Here’s why Liz Truss’s tax policy is rubbish
Incoming UK prime minister Liz Truss wants to cut taxes in order to “give people back more of their own money”.
It’s a terrible idea at this time.
Cutting taxes might be acceptable if working people were actually receiving a decent amount of pay, but they aren’t. Conservative government policies – the policies of Liz Truss over the last 12 years – have consistently cut pay so that working people are now taking home thousands of pounds less per year, in real terms, than in 2010.
In contrast, the richest people in the country – the infamous “one per cent” – have hugely increased their income over the 12 years of Tory misrule.
So cutting taxes won’t help working people at all (and of course many millions of us don’t even earn enough to be taxed at all, because of Tory misrule) – but will make, potentially, billions of pounds available to people who are already billionaires.
This is economic suicide. To boost economic growth, the money needs to go to the people at the lowest level of society – because then it will travel the furthest through the system before finally being taxed out of it.
And the further money travels through the system, the higher the economic multiplier – the benefit it brings to the economy.
Truss’s plan will suck money out of the economy and bring the UK to a standstill.
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Truss is only there to put the last nail in the coffin of Britain and the British people. She and the rest of the tory criminal Cartel have destroyed all that is good about Britain for personal gain. She, and the tory criminal cartel belong in prison!