Vince Cable summarises the changes he would make to the tax system

Comments

[Marjorie Baylis]

I think he is correct about raising the tax threshold to £10k - however, this could be revenue neutral with a claw back at the top end of earnings (because millionaires will get the £10k allowance too)

I have problems with the 'mansion tax'. "I am sorry, because my property value has dropped this month and my house is now worth £990,000 so I am not paying my council tax" could be a bit problematic.

Cuts before increases of any kind.

[John]

It would seem Vince Cable has flipped his lid.
A pity as he had obtained a reputation for common sense. That has now gone.
He clearly hates ,
'rich' people- although he must be pretty rich himself.
A mansion tax. Looks like a wealth tax to me. Labour tried it but even they had the sense to realise it would not work in a British environment.
And using a capital tax to finance revenue. The opposite of sensible finance.
And a pensioner on state benefits living in a house that, through the vagaries of the property market, was worth more than £1 million (how will this be neasured?) will be in real trouble.
And £10000 tax threshold. The personal allowance is already 9460 for those over 65.