Tory Billionaire Boris Johnson Demands Another Huge Tax Cut for the Rich

Strategic Insights -

Boris Johnson, the billionaire Mayor of London, has joined forces with fellow Tories Lord Lawson and John Redwood to demand another massive tax cut for the wealthy. Johnson, who earns £250,000 per year as a columnist for the Telegraph, proposes cutting the top rate of income tax to 40p in the pound for individuals earning over £150,000 per year. This move would come just three years after the rate was cut from 50p to 45p. Johnson's demand for a tax cut for the rich is expected to be met with resistance, as allies of Chancellor George Osborne have hinted at a "maximum pain" Budget that targets vulnerable people on benefits and strips millions of low-paid families of tax credits.

Key Takeaways:

  • Boris Johnson, the billionaire Mayor of London, has joined forces with Lord Lawson and John Redwood to demand a further tax cut for the wealthy.
  • Johnson proposes cutting the top rate of income tax to 40p in the pound for individuals earning over £150,000 per year.
  • This move would come just three years after the rate was cut from 50p to 45p.
  • Johnson earns £250,000 per year as a columnist for the Telegraph, and £114,000 as London Mayor and MP for Uxbridge.
  • The Resolution Foundation warns that axing tax credits would send the living wage soaring to 80% higher than the actual minimum wage.
  • 87% of people with mental illness would not be able to pay their bills if their benefits are cut further, according to a report.
  • Funding to help vulnerable young people before their problems spiral out of control has been cut by 55% since 2010.

Statistics:

  • £250,000: Boris Johnson's annual earnings as a columnist for the Telegraph
  • £114,000: Boris Johnson's annual earnings as London Mayor and MP for Uxbridge
  • 40p: Proposed rate of income tax for individuals earning over £150,000 per year
  • 45p: Current rate of income tax for individuals earning over £150,000 per year
  • 50p: Previous rate of income tax for individuals earning over £150,000 per year
  • 80%: Expected increase in the living wage if tax credits are axed
  • 55%: Reduction in funding to help vulnerable young people since 2010

Sources:

  • "Tory billionaire Boris Johnson demands another huge tax cut for the rich" by Jack Blanchard, Millionaire Tory
  • "Tax cuts 'won't affect the rich, George Osborne claims'" by Jason Groves, Telegraph
  • "Living wage 'would leap to 80% higher than minimum wage if tax credits are axed'" by Tom Witherow, Resolution Foundation
  • "Mental illness sufferers 'would struggle to pay bills if benefits are cut'" by Tom Witherow, Resolution Foundation
  • "George Osborne 'considering cuts to main sickness benefit by up to £30 a week'" by Tom Witherow, Resolution Foundation