Labour’s proposed tax on those earning over £70,000 will hit over 1.6 million taxpayers

Publications that covered this story include:The Daily Mail and The Daily Telegraph, both 20 April 2017.

Over 1.6 million* people will be affected by Labour raising taxes on those earning over £70,000.

  • 5.2% of the total 30.7 million taxpaying population will be affected by the rising taxes;
  • 365,000 women would be affected by Labour raising taxes on those earning over £70,000;
  • 2.8% of 13.1 million taxpaying women will be affected by the tax;
  • 1.2 million men would be affected by Labour raising taxes on those earning over £70,000; and
  • 7.1% of 17.6 million taxpaying men will be affected by the tax.

Mark Giddens, partner, comments: “The argument made, by some, is that high taxes for higher earners reduces the incentives for those top earners and entrepreneurs to work harder and create more wealth and jobs.”

“These proposals will hit many taxpayers who already see themselves as the “squeezed middle”, who already feel the pinch from taxes and the cost of housing.”

*HMRC Survey of Personal Incomes