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article imageOp-Ed: Chancellor of the Exchequer no darling to taxpayers

By Larry Clifton     Apr 22, 2009 in Politics
Taxpayers beware, here comes that Darling from the office of Chancellor of the Exchequer -- more tax hikes are on the way.
Alistair Darling has focused like a laser on raising British taxes on everything from automobiles to booze. Now, some say in a pandering smooch at the Labour Party, he has increased the income tax to 50 percent on those earning 150,000 pounds per year or more. Economists fear that these productive wage earners will now need to cut their personal spending, a move that will add to a deepening European recession.
Others feel that the British government deserves the money and will spend it more wisely than those who earn it. The UK's 2008 Budget under Darling introduced a major car tax shake-up that left Britain's motorists £1.6 billion worse off, according to the Opposition. Darling also raised taxes on booze, fuel and many other consumer items. Conservatives complain that Darling's tax hikes are hurting the economy, not helping it.
Darling's Labour Party presently trails the Opposition conservatives in opinion polls, however supporters of the tax hikes believe that anger over the out-sized salaries of bankers will allow them to continue to increase taxes with little retribution at the polls.
The UK is running a current annual deficit of 175 billion pounds and the British spending deficit is set to soar to 703 billion pounds by April of 2014 provided no significant spending increases occur. In November, Darling promised a tax hike to 45 percent but recently increased taxes to half the amount earned by this group when it was determined that the British government's deficit was growing at a faster pace than earlier reported.
Darling's pro-tax-hike rational centers around the notion that the government will be a better stewart of high achiever's income than the citizens who earn the money, even though the government is currently deep in the red.
The Opposition claims that taking more money out of the economy during the worst recession since World War II exacerbates the economic crisis and reduces confidence in the British economy.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of DigitalJournal.com
More about Alistair darling tax, Stealth taxes, Labour party
 
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