Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
M-3: 50p Tax Rate
#1
Madam Speaker, 

I move that: 

Quote:That this House calls on the Government to introduce an income tax rate of 50 per cent on income over £200,000 in its first Supply and Appropriation Bill.

Over the past 40 years, Britain has become more unequal. The proportion of UK income going to the top 1% has been increasing and made around 15% on the eve of the financial crisis. Over the course of the crisis, and as a consequence of the decisions made by the previous Conservative Government, inequality has rapidly increased. I hope this new Government will take steps to reverse the deeply unfair economic decisions made since 2008. 

From the Bedroom Tax to public sector pay freezes, from cutting maternity benefits to real term cuts in NHS funding, deficit reduction has hit the poorest most while the richest few escaped relatively unscathed. The deficit cannot be eliminated by destroying the public services that millions rely on. It will continue to increase inequality, condemn millions more to poverty, and harm our economy in the long run. It is time for change. 

We can reduce the deficit fairly by asking the richest few to contribute a little bit more in tax through a new 50p tax rate for incomes over £200,000. Less than 1% of society would pay this higher tax rate but it could raise substantial new revenue to fund our public services and economic investments. The scale of the challenge to reduce the deficit and protect the public services that millions depend upon rely a collective response. The Government should make it clear that everyone is involved in responding to this challenge and that we are all in this together. 

I expect there will be some in this House who will claim that a marginally higher tax rate for the 1% will result in economic damage as investment in jobs and growth declines. Except that idea is misguided and wrong. Evidence from UK Trade and Investment in 2010 has shown that inward investment is dependent upon a huge range of factors. But potential tax rates for corporate CEOs and the richest few do not loom large as a determining factor. Indeed using the additional revenue from the 50p tax rate to invest sensibly in support for R&D, our universities, and the skill base of the population, we can increase growth, jobs and inward investment.    

The first Liberal Democrat Budget will be an opportunity for the Government opposite to turn a page on the cruel economic policies of the last 4 years. It will be an opportune time to display a fairness and humanity that we have lacked in policy recently. Introducing a 50p tax rate on incomes will show that the Government is serious about “work[ing] to reduce the deficit year on year in an equitable way, ensuring that everyone pays their fair share while ensuring continued rises in GDP and living standards.” This motion is one that the Government can endorse. 

As today is an Opposition Day, time will be allocated for this motion.
Gavin Holmes
Labour MP
Sunderland South and Houghton (2008 - )

Leader of the Labour Party and Bearer of the Poisoned Chalice (2012 - )

"A chance to serve, that is all we ask", John Smith. 
Reply
Thanks given by:
#2
Madame Speaker

My honourable friends I welcome the member for Houghton and Sunderland South's contribution to the debate of how to fix the mess that was caused by previous governments in UK and US for allowing casino capitalism to overtake sensible economic prudence that once was the cornerstone of our banking sector. 

Now that the banking collapse has been arrested we must ensure the recovery begins in earnest. To do this we must stimulate growth. Cutting hard into public sector spending will only serve to reduce aggregate demand and hurt private investment and spending. Any reading even of the briefest of nature of economics and history will show you that you cant cut your way out of a slump.

I support the idea of ensuring that those who have more help ensure those that have least do not pay the price of the crash or that that it is upon their backs that the recovery is attempted to built upon. 

If the member was willing to be amicable to an amendment for the motion to be less clean cut over rates and bands I will give it my full support as he will know the government does not wish to pre judge the budget if we can balance the books at 45% or 150,000 band why try and tie our hands.
MP for Montgomeryshire 2005 - present
Chancellor of Exchequer 2012 - present


"In every political community there are varying shades of political opinion. One of the shadiest of these is the liberals. "

Reply
Thanks given by:
#3
ORDER!

The question is that:

Quote:That this House calls on the Government to introduce an income tax rate of 50 per cent on income over £200,000 in its first Supply and Appropriation Bill.

As many as are of that opinion say "Aye", (a chorus of shouted "Aye"), of the contrary "No" (a chorus of shouted of "No").

Division, clear the lobby!
Admin
Reply
Thanks given by:
#4
Aye!
Douglas Woodburn | SNP MP for Angus


Reply
Thanks given by:
#5
Noe
[Image: LTGsE66.png]
Emram Nasser
Conservative Member for Thirsk and Malton
Shadow Chancellor of the Exchequer (2012 -)

"All the Great things are simple, and many can be expressed in a single word: Freedom, Justice, Honour, Duty Mercy, Hope." 
- Winston Churchill -
Reply
Thanks given by:
#6
Aye.
Gavin Holmes
Labour MP
Sunderland South and Houghton (2008 - )

Leader of the Labour Party and Bearer of the Poisoned Chalice (2012 - )

"A chance to serve, that is all we ask", John Smith. 
Reply
Thanks given by:
#7
Noe
The Rt. Hon. James H. Savege, MP of Monmouth (2005-present)
Acting Leader of the Conservative Party (2012-present)
Leader of the Opposition (2012-present)
Shadow Leader of the House of Commons (2012-present)
Shadow Secretary of State for Foreign and Commonwealth Affairs (2012-present)
Frm. Secretary of State for Wales (2008-2012, Shadow: 2005-2008)

Reply
Thanks given by:
#8
Aye
Reply
Thanks given by:
#9
Noe
Hon. Tyler Andrews
Conservative MP for Kensington
Shadow Secretary for Public Services
Reply
Thanks given by:
#10
Aye
Andrew Caulfield | Liberal Democrats
Member of Parliament for Nottingham South (2012-)
Reply
Thanks given by:
#11
Noe
The Rt Hon. Louis Mountstuart MC, MP
Shadow Secretary of State for Defence (2012-Present)
Chairman of the Conservative & Unionist Party (2012-Present)
Member of Parliament for Dumfriesshire, Clydesdale & Tweeddale (2005-Present)
[Image: spacer4.png]
Secretary of State for Business, Innovation & Skills (2010-2012)
Secretary of State for Scotland (2008-2012)
Member of the European Parliament for Scotland (1999-2004)
Reply
Thanks given by:
#12
Noe
Esther Sinclair MP
Prime Minister
Eastleigh
Reply
Thanks given by:
#13
Noe
MP for Montgomeryshire 2005 - present
Chancellor of Exchequer 2012 - present


"In every political community there are varying shades of political opinion. One of the shadiest of these is the liberals. "

Reply
Thanks given by:
#14
Noe
[Image: XJerI6o.pnghttp:]
The Hon. Catherine Willoughby MP
Shadow Secretary of State for Foreign and Commonwealth Affairs (2012-present)
Member of Parliament for Windsor (2008-present)
Reply
Thanks given by:
#15
No
Graham Atkins - Liberal Democrats
Member of Parliament for Lewisham West and Penge
Deputy Prime Minister
Home Secretary


"When you're a young man, you don't get a calculator out saying 'Am I going to get to power?', you get propelled forward by idealism" - Nick Clegg
Reply
Thanks given by:
#16
Noe
Sion Rowlands
Liberal Democrat MP
Cardiff West
Reply
Thanks given by:
#17
Noe
Paul Dolan
Conservative MP For Thanet South (2001-Present)
Shadow Minister For Immigration (2005-2006)
Shadow Secretary Of State For Social Affairs (2006)
Shadow Secretary Of State For Infrastructure (2006-2007)
Leader Of The No Turning Back Group (2012-Present)
Reply
Thanks given by:
#18
No
Matthew James
Conservative MP - Thanet North 2008

Reply
Thanks given by:


Forum Jump:


Users browsing this thread: 1 Guest(s)