Labour set to unveil ‘fat cat tax’ on city banks and football clubs that dish out massive pay : Mirror

The levy would be worth 2.5% of wages above £330,000 and 5% of those over £500,000, it was reported.

Labour is expected to lay out plans for a “fat cat” tax on firms that dish out massive pay packets to their star employees.

The dramatic announcement is understood to have been drawn up as the party unveils its general election manifesto on Tuesday – a week after most of it leaked to the media.

The levy hitting firms from city banks to football clubs would be worth 2.5% of wages above £330,000 and 5% of those over £500,000, it was reported.

That would see any firm with a £1million employee paying an extra £29,250 a year to the government.

Labour’s manifesto will also pledge free childcare for every two, three and four-year-old in Britain, whether or not their parents are in work.

The document is understood to pledge to nationalise the multi-billion pound water industry.

And party chiefs are understood to have drawn up plans to lower the 45p income tax threshold from £150,000 to £80,000.

Sources also suggested the 50p income tax rate could return. Reports have put the suggested threshold for this at £125,000.

READ MORE : MIRROR

Advertisements

3 Comments

  1. Judging by the amount of Tory trolls on facebook and twitter at the moment, the establishment must think that Labour are in with a good chance of winning.

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s