Liz Truss’s National Insurance ‘cut’ will help high earners massively – you get 63p per month
Yes – it’s another con from the Con Party.
Here’s the gist:
The Institute for Fiscal Studies has warned that the richest taxpayers could gain £150 a month, with the poorest getting just 63p as a result of the tax cuts likely to be unveiled by Chancellor Kwasi Kwarteng after this week.
— Richard Murphy (@RichardJMurphy) September 19, 2022
Now have some details:
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Typical of the rich torys
The poorest people in the UK probably don’t pay NI in any case so they’ll get nothing.
Having said this I was against raising NI in the first place so it would be inconsistent to oppose removing the increase now.
Anyone making these kinds of arguments will need to be able to show that they were in agreement with Rishi Sunak earlier in the year when he imposed the NI increase. I suspect they, including yourselves, won’t be able to do that.
The argument is that Truss is lying about (or too stupid to understand) what the cut will achieve.
It is therefore entirely consistent to have opposed the rise when it was announced a year ago, and to point out that Truss is wrong now.