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Time for honesty on tax: we will all need to pay more

Labour’s plan to raise income tax on £80,000 earners doesn’t cut it

By George Magnus  

Shadow Chancellor John McDonnell ©Stefan Rousseau/PA Wire/PA Images

It’s not going to happen before the election, but one of these days, politicians will have to level with voters about tax.

Over the weekend, the Labour Party pledged to introduce higher rate income tax on people earning over £80,000, if it gets into office. That’s about 1.6m people. The party says 95 per cent of people will not pay higher income tax, and there won’t be a rise in VAT. This might make good politics for the beleaguered party, but…

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