By Jim Wilson,
We have heard many people state that we are in dire times and that everyone is in this together. Yet over the last few years the richest 1,000 people, or just 0.003% of the adult population, increased their wealth by £155bn. That is enough for them alone to pay off the UK budget deficit and still have £20bn spare. In Northern Ireland, Edward Haughey (pictured) has seen his wealth increased by £210 million and the Barnett family have seen a rise this year of £52 million. This has come at a time when the rich have had tax cuts and the working class have had extra taxes like the bedroom tax introduced.
These same elite also benefit from tax free living by accessing tax avoidance schemes which contribute to the £25bn tax which is avoided every year. These amounts join the estimated £13 trillion assets which have been siphoned of our economy. This group, which includes hedge fund operators who caused the recession, have not been paying their share. Some 77% of the budget deficit is being recouped by public expenditure or benefit cuts. Whilst those on housing benefit suffer, those in mansions get richer!
If the rich where made pay the 28% capital gains tax, we would all be better off financially. However, asking the ‘ConDems’ to implement this is akin to asking turkeys to vote for Xmas. Since 2007, British wages have risen 10%, but food is up 29.8%, power is up 46.3% and petrol is up 56.5%. On top of this VAT has risen to 20% – this has a disproportionate effect on those on lower incomes. Compare this to how the small minority in power have fared over the last few years and its clear to see that the government of millionaires is looking after its own. We are not waging class war; we are the victims of it.
