According to the articles below (and similar ones I’ve read lately) Farage is promising billions per annum in tax cuts which are, to a large extent, unfunded.
The right-winger said he would bring back winter fuel payments, lift the two-child benefit cap and cut taxes.
www.huffingtonpost.co.uk
Research carried out by The Economist reveals that a Reform government could cause a financial shock that 'rivals or exceeds' Liz Truss's.
www.thelondoneconomic.com
Plans ‘do not add up’ and will cost billions of pounds more than claimed, Institute for Fiscal Studies warns
www.ft.com
Three choices: fiscal implosion, deep austerity or a hasty U-turn
www.economist.com
I just can’t work out why someone who has previously made millions through disaster capitalist practices would plan to do such a thing…
The tax cuts promised are:
- increase the tax free allowance to £20k, which would take most of the lowest earners out of tax liability.
- provide tax break from basic rate income tax to healthcare workers for 3 years (i.e. give them more money without increasing their pay or pension liabilities)
- end green levies on energy production
- reduce fuel duty by 20p per litre
- end VAT on energy bills
- end stamp duty below £750k and cut it above.
- re-introduce the VAT refund scheme for tourist shopping
- abolish inheritance tax for all estates under £2 million
- Cut corporation tax and increase the profit threshold at which it is payable
- increase VAT threshold to £150k
- scrap IR35 regulations
- tax relief of 20% on private medical insurance
- no VAT on private school fees and 20% tax relief for independent schools
- reintroduce the right for private landlords to deduct expenses such as mortgage repayments from rental income when making income tax declarations
All looks like sensible policies to boost growth and tax revenue in the long run to me....