Thread by @LauraPidcockMP

[thread] There’s been some discussion over @UKLabour’s tax policy in the last 24 hrs, given a bit of prominence by #bbcqt. An audience member said that, though he earned over £80k, he was nowhere near the top 5% of earners & went so far as to say he wasn’t in the top 50%. (1/8)

This is clearly false, but it has given rise to an interesting debate about tax, high pay & low pay. bbc.com/news/50517136 (2/8)

Whilst I get that those earning good incomes may not feel ‘rich’ for a variety of reasons (e.g outgoings, especially housing costs), the focus should really be on some very stark figures on low pay. That what’s often lost in any discussions about tax bands & top rates etc. (3/8)

So, for example:

👉 25% of full-time workers earn less than £21,870 according to latest estimates (when part-time workers are included, it’s £15,480. (4/8)

👉 50% of full-time workers wean less than £30,353 (dropping to £24,897 including part-time workers)

👉 The average full-time worker on the National Living Wage gets £15,924 a year (dropping to £14,935 for those under 25). (5/8)

Labour would not only increase the current minimum wage to a Real Living Wage of £10 per hour (making the yearly minimum wage £19,396), but we have also committed to only taxing those in the top 5% income bracket more. (6/8)

7. That top 5% would start at £80-81,000 by most reliable estimates (HMRC). Tax increases above this amount would look like this👇 This extra tax would be used to rebuild our communities, industries and services. (7/8)

But the best way to check this for your own circumstances is to use this tax calculator from the Labour Party, which will show you precisely how you’d pay under a transformative @UKLabour Government:

calculate.forlabour.com (8/8)