Jeremy Corbyn wants to put up income tax only for people who earn more than £80,000 a year, he says. Anyone below that figure is safe. This reminds me of John Smith’s ‘shadow Budget’ in the 1992 general election. Smith said that the top rate of income tax would rise to 50 per cent for everyone earning more than £36,375 a year (which would be just under £72,000 today). Most people earned much less than the sum chosen, but voters decided they did not like such a clear intention to damage the higher earnings they hoped they might one day achieve. The shadow Budget was said to have lost Labour the election. Perhaps bearing this in mind, Mr Corbyn has so far avoided a specific percentage and pitched the taxable sum a little higher, but the signal is similar.
His commitment raises a question.
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