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From: The Socialist issue 892, 9 March 2016: Housing crisis: can't pay, will stay!

Search site for keywords: Tax - Taxes - George Osborne - Cuts

Osborne's 10.4 billion tax lie

Chancellor George Osborne's tax cuts have cost the Treasury 2.4 billion. No surprise there, you might think. But he claimed the reduction had actually increased takings by 8 billion!

Osborne supported this breathtaking tall tale with a bit of clever accountancy.

In 2012, the chancellor promised the super-rich he would slash their income tax from 50p to 45p in the pound. Their beady little eyes shone wetly with tears of tax-dodging delight. They duly deferred payments until 2013 to take advantage of the cut.

This meant an artificial drop in tax receipts for 2012 and a corresponding increase in 2013. If you compare those two years out of context, you get the 8 billion lie. But the overall takings for the period were actually 2.4 billion less - a net difference of 10.4 billion from Osborne's claim.

The Socialist is amazed it has to say this, but cutting taxes doesn't earn you more taxes. That's not what Osborne really expected, of course. His job is to transfer wealth from the workers who make it to the bosses who fund his party.

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Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

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