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| Kwasi Kwarteng |
Asserts the British conservative parliamentarian, who argues that a tax rate designed for "the rich" is hitting many middle-class folks: "Taxpayers who make more than £41,450 [US$66,800] will start to pay the 40p [40%] rate next year. People might say £41,450 is still a lot of money. Yet today a large proportion of strivers – commuters, young parents, some personal assistants, middle-ranking policemen, experienced teachers – are all in this bracket. Many of the strivers are struggling to pay the mortgage and to pay for high living costs, especially in areas of the country like London and the South East."
MP Kwarteng continues his commentary about the UK's tax rates: "We should be rewarding those who work hard and try to do the right thing, not hammering them with taxes.
We should increase the tax thresholds – the rate at which you start paying higher taxes – in line with wages. We should aim for a target of taking everyone earning less than £50,000 [US$80,500] out of paying the higher rate of 40 per cent. This is not only fairer – it will help encourage hard work and enterprise."
