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Posts Tagged ‘tuition fees’

Today saw the formal launch of Owen Smith’s Graduate Tax.

For reasons that only he knows, he’s proposed a threshold of £15,000. This is six thousand pounds lower than the threshold used for post-2012 Tuition Fees. What this means is that under Owen Smith’s system – graduates earning less than £21,000 would once again be paying towards their higher education.

Smith outlined the Graduate Tax would be an income tax surcharge of 1-2% of income. So someone earning £21,000 would now be paying between £60 and £120 in Graduate Taxes. This despite them paying nothing under the current system. This stealth tax on the poorest graduates means that the tipping point where someone is better-off under the Graduate Tax may be as high as £22,700.

And remember, as I outlined earlier this week, they would paying these extra taxes for no good reason due to the inherent flaws in a Graduate Tax.

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With the prospect of Jeremy Corbyn actually being the Leader of the Opposition becoming ever more likely, the debate has switched to whether he is ‘electable’. The answer is no but interestingly it’s for a reason that even the hard-left recognise; income tax.

You will have heard a lot from ‘Jez’ and his fellow comrades on the need to make the rich contribute more through a combination of tax rises and other measures to tackle tax avoidance. What they are more circumspect about is what role taxation on everyone else will play in building their New Jerusalem.

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