Sathius005
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Do you support a millionaire's tax cut?
The rich get richer: David Cameron's tax cut will help 13,000 millionaires
• By Vincent Moss
New figures reveal the number of people earning at least £1m a year has rocketed
THE number of millionaires who will benefit from David Cameron’s April tax cut has soared to 13,000.
Experts had predicted that 8,000 people earning ¬£1million a year would get an average tax cut of almost £100,000 – thanks to the PM and Chancellor George ¬Osborne’s ¬decision to cut the 50p top rate of tax to 45p.
But new figures reveal the number of people earning at least £1m a year has ¬rocketed to 13,000, despite the ¬economy being on the brink of a triple-dip recession.
The income of Brits who earned more than £1m last year was an astonishing £27.4billion.
HM Revenue and Customs ¬figures reveal that the million-pound ¬earners would have paid a total of £12.7bn this year at the 50p tax rate.
But that will drop by £1.3bn to £11.4bn when the rate is slashed to 45p.
The cut will come as ¬Britain’s poorest are hit by a council tax ¬benefits shake-up.
A “bedroom tax” will mean people living in social ¬housing who are deemed to have a spare bedroom face being forced to move to a smaller house or face a cut in benefits.
Labour’s Shadow Treasury Minister Catherine McKinnell said the latest figures proved that Mr ¬Cameron and Mr Osborne were “out of touch with ¬reality”.
The rich get richer: David Cameron's tax cut will help 13,000 millionaires
• By Vincent Moss
New figures reveal the number of people earning at least £1m a year has rocketed
THE number of millionaires who will benefit from David Cameron’s April tax cut has soared to 13,000.
Experts had predicted that 8,000 people earning ¬£1million a year would get an average tax cut of almost £100,000 – thanks to the PM and Chancellor George ¬Osborne’s ¬decision to cut the 50p top rate of tax to 45p.
But new figures reveal the number of people earning at least £1m a year has ¬rocketed to 13,000, despite the ¬economy being on the brink of a triple-dip recession.
The income of Brits who earned more than £1m last year was an astonishing £27.4billion.
HM Revenue and Customs ¬figures reveal that the million-pound ¬earners would have paid a total of £12.7bn this year at the 50p tax rate.
But that will drop by £1.3bn to £11.4bn when the rate is slashed to 45p.
The cut will come as ¬Britain’s poorest are hit by a council tax ¬benefits shake-up.
A “bedroom tax” will mean people living in social ¬housing who are deemed to have a spare bedroom face being forced to move to a smaller house or face a cut in benefits.
Labour’s Shadow Treasury Minister Catherine McKinnell said the latest figures proved that Mr ¬Cameron and Mr Osborne were “out of touch with ¬reality”.