In a desperate measure to save David Cameron's Tories, wee Georgie told a massive £3.5 BILLION porkie today.
He pledged that if the Tories win the next general election - whenever it comes - they would raise the inheritance tax threshold to £1 million.
Georgie claimed he'd make up the £3.5 billion a year shortfall to the Treasury caused by this proposal with plans on residence and domicile.
But within hours, a £2.9 billion BLACK HOLE has been exposed in his uncosted plan, clearly demonstrating why Britain could not afford to risk to our stable, strong economy by putting Cameron and Osborne in charge.
They couldn't be trusted as bankers on a monopoly board, let alone the nation's finances.
Alistair Darling, the real Chancellor of the Exchequer says:
"Initial costings by the Treasury show that George Osborne's proposal would raise a maximum of £650m, leaving at least £2.9 billion short. So George Osborne cannot afford the promises he is making. He cannot afford to cut inheritance tax.Wake up Georgie, it's time for school...
"Their sums simply do not add up. There is a gaping black hole at the heart of their tax and spending plans. Today's commitments come on top of £3 billion in tax credit changes, which Mr Osborne admitted today might not be fundable in the next parliament, as well as their commitments on stamp duty and business taxes."
4 comments:
The sums are spot on as was confirmed by a number of city businessmen on the BBC of all places yesterday afternoon.
and this from the Daily Torygraph of all places today:
'According to the most recent figures available from Revenue & Customs, 112,000 non-domiciled taxpayers already paid £3 billion in tax for 2004-05, but the Conservatives estimate 150,000 people would pay the new levy.
'George Bull from the accountants Baker Tilly warned that if the proposals became law, many people would escape the levy by leaving Britain.
'Mr Bull said: "The offshore levy would not only affect the very wealthy, who live here but do not work here. It would also affect those seconded by their overseas employees to work here for a number of years, such as Greek shippers, US investment bankers and directors of computer companies." '
back to school Georgie...
On the bright side, can we expect thousands of Tory voters to suicide so that they may benefit from a reduction in death duties ?
I'm assuming that Phil is in favour of taxing the non-doms but has forgotten to include this in his post.
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