Dan Wootton: The Tories are now the party of record high taxes
Thanks for nothing Boris
Breaking tonight: The Tories are now officially the party of record high taxes.
MPs voted by 319 to 248 to support Boris Johnson’s National Insurance tax rise by a majority of 71, breaking a key manifesto pledge in the process.
37 Tories abstained and 5 brave conservatives voted no. These were Sir Christopher Chope, Philip Davies, Dr Neil Hudson, Esther McVey and Sir John Redwood.
The stark reality of the state of taxation in the UK under this government was laid bare by the Resolution Foundation earlier today.
Their stats showed that in just six months the government has imposed £36 billion of tax rises via National Insurance, corporation tax and income tax thresholds.
And by 2025 the NHS will account for a disturbing 40 per cent of all public spending, up from 28 per cent in 2004.
So how do these hikes impact you.
Let me break it down.
A £20,000 earner will pay an extra £130 per year.
A £30,000 earner will pay an extra £255.
If you’re on £40,000 it’s £380.
A £50,000 earner will pay an extra £505.
A £60,000 earner will pay £630.
A £70,000 earner will pay £755.
An £80,000 earner will pay an extra £880.
A £100,000 earner will pay £1,130.
And £130,000 earner will pay an extra £1,505 per year.
But perhaps the most horrifying example I saw today was that a graduate earning over £27,295 will now pay a marginal tax rate of 42.25 per cent once student loan repayments are included.
Welcome to your working life, kiddo.
Just awful. Thanks for nothing, Boris.