Today's UK Times reported on the new British tax program that will negatively impact British take-home pay starting today. At the start of the financial year, high earners in Britain will be paying a 50 percent income tax. There will also be increased taxes on dividends for people considered 'high earners.' Those earning more than £150,000 (approximately $230,000) would be affected by these tax increases. There are other changes in the tax structure that will also go into effect--changes in child tax credits, taxes on bonuses, and changes in stamp duties for homes.
The article reports that these changes could be shelved if the Conservatives win the upcoming election.
This is where we are headed unless we elect fiscal conservatives (from either party) in November. If the Republicans are willing to step up to the plate in reducing spending, I will support them. I hesitate to support Democrat candidates because even if they are conservative, they will support the Democrat Party leadership in the House and Senate, and thus will not be voting as fiscal conservatives, regardless of personal views.
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