Amidst all the hype in regards to cutting the upper earner’s taxes from 50% to 45%, Labour leader, Ed Miliband is calling for a full disclosure by the Chancellor in regards to his earnings and how the new lower tax would affect him.
Mr. Miliband is calling for Osborne to publicly address the decision by the Coalition government to reduce the tax from its current 50pc to 45pc. The Chancellor claims he is not a top earner but Miliband challenges him, once again, to a public disclosure.
Osborne says that he would not benefit from the reduced tax which is meant for wage earners who gross more than £150,000. Then, on the flip side of new tax proposals, the Labour party states that families who only have one person earning wages and one child in the family will experience a loss of approximately £253 annually. In this respect, the rich gain and the poor suffer.
Aides of Miliband insist that he is not trying to say the Chancellor is party to tax avoidance but still believes that both George Osborne and David Cameron should be made accountable. They have questions which need to be answered. Questions involve how they can class themselves in anything but the top wage earners.
Of particular note, the Labour leader calls to attention the fact that whilst the Chancellor only earns £136k per year and is not the sum total of his earnings. Lest we forget, the Chancellor also has income property, a house in London, which earns approximately £2 million annually. This is why he questions Mr. Osborne’s insistence that he is not within the top wage earners and should be made to answer questions to this effect.