Liberal Democrats have long argued that alongside lifting the income tax threshold to take the lowest earners out of tax, the tax system must be reformed to address inequalities of wealth that blight society and hamper economic progress. The Tories have been more than happy to go along with the former, raising the income tax threshold as promised in the Coalition Agreement. But when it comes to the other end of the tax spectrum, the Tories simply haven’t changed their spots; had it not been for those pesky yellow bastards, the top rate of income tax would have been cut to 40p not 45p, and now we have the Chancellor ruling out yet again taxes on wealth that are backed not only by his Liberal Democrat Cabinet colleagues in Vince Cable and friends, but by many in his own party.
Huffington Post, 09/10/12: Tory in Ruling-Out-Wealth-Tax Shocker
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