But not because of the argument Iain Dale makes here:
This is an off-hand comment, sure, but it would also be a better argument if it were true. There are about 31.7 million taxpayers in Britain; only 3.8 million of them pay any tax at 40%. I’m all for widening tax bands to take some people out of higher tax rates but there are millions of graduates who don’t earn enough to pay higher rates of tax.Just a thought on the graduate tax. We already have a graduate tax. It’s called income tax at 40 per cent.
Nevertheless, the belief that everyone pays tax at 40% is a constant feature of press and metropolitan opinion. Hence too the sound and fury generated by Inheritance tax or Vince Cable’s so-called “Mansion Tax” which receive extraordinary amounts of attention even though they only pertain to a (relatively) small number of people.
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