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Meanwhile Gordon Brown, Blair's likely successor and current Chancellor of the Exchequer (Finance Minister) presented an overtly "green" budget on Wednesday which put up annual taxes on "gas guzzlers" and reduced it on environmentally friendly measures.

He also eliminated the lowest (10%) tax rate, which (when taking into account that the main rate wnt from 22% to 20%) means that people making less than about £17k will pay more taxes, and those making more than £18k will pay less taxes.

He also increased the threshold for the higher tax rate (40%) from about £30k to about £40k, and increased the threshold for the inheritance tax by 25%.

He also raised the exemption on capital gains taxes (which is about twice the exemption for income tax).

There are some compensatory measures such as an increase in child benefit and working tax credit, and a higher tax exemption (and other goodies) for pensioners but clearly Brown is not trying to get the vote of people making less than £20k. And they call themselves the Labour Party.


"It's the statue, man, The Statue."

by Migeru (migeru at eurotrib dot com) on Wed Mar 21st, 2007 at 11:48:44 AM EST

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