Jeremy Corbyn wants to put up income tax only for people who earn more than £80,000 a year, he says. Anyone below that figure is safe. This reminds me of John Smith’s ‘shadow Budget’ in the 1992 general election. Smith said that the top rate of income tax would rise to 50 per cent for everyone earning more than £36,375 a year (which would be just under £72,000 today).
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