HARD-left firebrand John McDonnell is eyeing a possible £2,500 income tax bombshell for almost 12.5million workers.
The Labour Treasury boss has backed a report calling for taxes to be hiked on Brits earning more than £28,080 – the average public sector wage.
John McDonnell is eyeing up a £2,500 income tax bombshell that will target 12.5million workers[/caption]
The leftie New Economics Foundation think-tank said the cash raised would bankroll a £32billion spending splurge on public services.
Mr McDonnell hailed the report as an “ambitious plan for economic transformation”.
A staggering 12,445,000 workers in the UK earn more than the average public sector wage – meaning they are in the firing line for a tax hike.
They would have to cough up an average £2,571 extra in tax to raise the £32bn.
The report, called Time for Demand, also calls for the £12,500 income tax free personal allowance to be scrapped.
Instead, they want nearly all Brits to be handed a £2,500 yearly handout.
Only workers earning a whopping £100,000 a year or more will not get all the money.
Backing the report, Mr McDonnell said: “This important analysis from NEF shows only an ambitious plan for economic transformation, of the kind Labour proposes, will lift the UK out of the productivity crisis that the Tories have left us in.
“The work done by NEF shows that structural change for a greener economy, spending on universal basic services, and more generous social security will not only build a fairer society – but will also boost productivity.”
But the Tories slammed the plans.
most read in politics
Tory Party Chairman James Cleverly said: “With a record number of people in work under the Conservatives, all Labour see is more ways to tax people.
“These proposals would hammer millions of workers with tax hikes, as well as abolishing the tax-free income allowance, leaving people with less money in their pockets.
“This once again shows why Labour can never be trusted to handle our economy.”
James Cleverly said the proposals would hammer millions of workers with tax hikes[/caption]
- GOT a story? Ring The Sun on 0207 782 4104 or WHATSAPP on 07423720250 or email email@example.com.