Every Tax Hike Proposed by Labour’s Budget Architect Torsten Bell – Guido Fawkes

REVEALED: Every Tax Hike Proposed by Labour’s Budget Architect Torsten Bell

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Torsten Bell is writing the budget now. Gulp…

The New Statesman reported last night that a shake-up in Reeves’ Treasury team has seen new MP and new minister Bell ending up taking on “additional responsibility for economic policy” in the run up to the budget. It’s the Bell Epoque…

Co-conspirators will remember some of Torsten’s bright ideas for economic policy. Many of them come from his landmark “Economy 2030” report for the Resolution Foundation. Guido has prowled the Bell archives from end to end – including from the book he released right before he became an MP – and presents a complete list of his proposals below:

• Cap tax-free ISAs at £100,000. He deleted those posts…
• Make everyone pay inheritance tax by scrapping the nil-rate band. His alternative proposal was to continue the freeze on the nil-rate threshold…
• Significantly raise council tax for band E, F, G, and H properties in line with the SNP’s 2017 hike.
• Remove primary residence relief and tax CGT on primary residence sales at a flat rate of 28%. The Treasury has already been briefing about this one…
• Scrap the Lifetime ISA altogether.
• Devolve income tax-raising powers to local authorities. A massive hike…
• Raise Capital Gains Tax on shares to 37% and real estate to 53%,
• Charge Capital Gains Tax on death and when moving out of UK.
• Slashing VAT registration threshold to £30,000.
• Scrap business and agricultural property reliefs.
• Hike basic rate of Dividend tax from 8.75% to 20%.
• Hike income tax by 1p.
• Hike taxes on second homes.
• Charge national insurance on rental income.
• Hike national insurance for higher self-employed incomes by 300% to 8%.
• Cut the £270,000 cap on tax-free pensions to £40,000.
• Introduce pay-per-mile road duty for electric vehicles.
• Scrap the 5p cut in fuel duty. Increase fuel duty by 2% every year.
• Hike vehicle excise duty for heavier cars.
• Scrap Entrepreneurs’ Relief.

Lots for the Treasury to chew on prior to the ‘Omnishambles Budget.’ Brace, brace…