Our budget will raise the employer's share to the European average of 28 percent. The individual rich also escape from their proper share of National Insurance. At present no payments are required on income of over 575 a week. This is a 5 billion handout. Our budget will make all income liable to National Insurance.
Many company directors grab much of their money through bonuses and share options.
These are not subject to income tax-only capital gains tax, which can be as little as 2.5 percent. This budget will set a rate of 60 percent for all business capital gains. This low level is because the threshold has been raised over and above the rate of inflation by successive governments. A maze of scams means that only the especially stupid rich pay it. This budget will reduce the threshold to 150,000 and abolish the loopholes.