Labour party defines the rich as anyone earning over £70000

Labour party defines the rich as anyone earning over £70000

Shadow chancellor John McDonnell has suggested he wants to soak the "rich" earning more than £70,000 a year under a Jeremy Corbyn government.

The Labour leadership has publicly discussed nine other tax rises and a raft of spending priorities which run to £500billion.

When pressed Mr McDonnell defined the rich as people earning "above £70,000 to £80,000 a year".

Mr McDonnell said a fair taxation system would see "the corporations and the rich pay their way more".

She added: "The system at the moment is one whereby there is an elite who believe the rules don't apply to them, that taxes don't apply to them, that they don't need to be part of the system". "It's been glacial and we can see there are people who take the mickey, and it's not fair".

Gilead Sciences, Inc. (GILD) Stock Rating Upgraded by Vetr Inc
The biopharmaceutical company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.61 by $0.09. Following the completion of the transaction, the insider now owns 3,199,969 shares in the company, valued at $214,973,917.42.

"They have lost their income tax personal allowance, we have seen a 45p rate at £150,000 and very big reductions in income tax relief for pension contributions". When asked how he defines the rich, he offered a set figure.

He told BBC Radio 4's Today programme that Labour would scrap giveaways to the wealthy such as corporation tax cuts and would collect more in inheritance and capital gains taxes.

He also stressed that whoever wins the election on June 8 would face "loopholes" in the tax system which they would want to close including the loss in Treasury revenues due to the move to self-employment and the gig economy - as the self-employed pay less National Insurance. 'We have raised that we will use public procurement to secure pay ratios - a ratio in regards to the maximum that can be earned by directors and chief executives in relation to the average pay of their workers'. "And I understand that", she said.

'We are seeing inflation increasing, we are seeing wages stagnate and we are seeing people in heavy debt as a result of that'.

Labour's approach to Brexit talks would aim to secure "tariff-free access to the single market" and a managed and fair immigration system from the EU. "People should have that right we're not going to stand in the way of that", he said.

Related News:

  • In Face of Uncertainty, South Korea, Japan Reaffirm Defense Ties

    In Face of Uncertainty, South Korea, Japan Reaffirm Defense Ties

    Han told the BBC that North Korea believed its nuclear weapons "protect" it from the threat of United States military action. White House spokesman Sean Spicer said Trump would not be "drawing red lines in the sand" with North Korea.
    Watch This Wounded Marine Finish The Boston Marathon

    Watch This Wounded Marine Finish The Boston Marathon

    There was a sense of calm in the 25-year old's demeanor despite the emotional toil she has endured over the past six months. In the women's wheelchair race, Switzerland's Manuela Schar was first across the line in 1 hour, 28 minutes and 16 seconds.

    Ronaldo hails Real mentality in Bayern win

    We had many chances in the first half but then we lacked tranquillity. "I am furious, so furious tonight as I have never been". Cristiano Ronaldo levels for Real on the night but is two metres offside when he receives Sergio Ramos' pass.
  • Body of Missing Plano Woman Found

    Body of Missing Plano Woman Found

    Police said they have not found anything suspicious in Getrum's life to provide any lead or answers to the mystery of her death. Dallas police said a body was found Saturday at Lake Ray Hubbard and had yet to be identified when Getrum was reported missing.
    Nintendo is Working on a SNES Mini for the Holiday Season

    Nintendo is Working on a SNES Mini for the Holiday Season

    However, most may have forgotten that the resurrection of the famed 1986 game console was expected to be done on a limited basis. Nintendo NES Classic Edition is apparently dead after releasing a statement that the classic device has reached its due date.
    Star Wars-The Last Jedi first trailer released on Friday

    Star Wars-The Last Jedi first trailer released on Friday

    The only ones to witness Han's death were Rey, Finn, and Chewbacca, with Luke being absent for almost the entire film. Hasbro also unveiled some more " Star Wars " action figures for its Black Series coming soon to a toy store near you.
  • Jack White's documentary on pioneering days of recorded sound gets May release

    Jack White's documentary on pioneering days of recorded sound gets May release

    One selection from the soundtracks is Nas' recording of the 1928 song "On the Road Again" by the Memphis Jug Band. Columbia Records will release the American Epic Sessions studio performances.
    Venezuelans gear up for major march against Maduro

    Venezuelans gear up for major march against Maduro

    She says: "This is like a chess game and each side is moving whatever pieces they can. we'll see who tires out first". State Department of encouraging Venezuelan opponents to attempting a government overthrow.

    UK's Labour vows to take on 'cosy cartel' that protects wealthy

    TV debates don't have a long history in British politics, but were a feature of the last two elections, in 2010 and 2015. May, who has described herself as "not a showy politician", said she would rather talk directly to voters.
  • TMZ: McDonald's employees who helped capture Facebook killer in line for reward

    TMZ: McDonald's employees who helped capture Facebook killer in line for reward

    Godwin-Baines expressed empathy not just for Lane, but for Stephens' mother, too, when she spoke with Cooper. But they ended their relationship and she pushed for him to seek help for issues with gambling.
    Mixing Business with Presidency, Ivanka Trump Sees Profits in China

    Mixing Business with Presidency, Ivanka Trump Sees Profits in China

    But there's simply no denying her father's upset victory in the 2016 election lit a fire under the 35-year-old business mogul. Public records show that the company has more than 180 trademarks, some of them yet to receive approval, around the globe.
    Norfolk Police arrest man in connection with fatal shooting

    Norfolk Police arrest man in connection with fatal shooting

    According to police, emergency crews received a report of a child shot on Wednesday around 7:45 p.m. on 19th and Bay streets. Anyone with information that can assist police in the shooting should call the anonymous Crime Line at 1-888-LOCK-U-UP.


Most liked

Horse race bet with William Hill
How to place a bet To place your wager/bet, all you need is to provide the appropriate information to the ticket writer. Simply you just have to pay £1horse bet and you can easily watch the live horse racing broadcast on your device.

Junk for South Africa as Fitch joins S&P in cut on politics
Calls for Zuma's resignation have since grown and reached a fever pitch with protest marches all over South Africa on Friday. Save South Africa says that activism in the country needs to be maintained and that today's events were just the beginning.

Analysts At Jefferies & Co Maintained Agree Realty Corp (NYSE:ADC) As Hold
Want to see what other hedge funds are holding O? Now insiders hold 359,897 shares in the business which makes up 0.36% of shares. Diliberto, CFO, sold 9,100 with an average share price of $112.69 per share and the total transaction amounting to $1,025,479.00.

Huntington Bancshares Incorporated Posted gains of 2.54% in the Last Trade
There are advantages to using a moving average in your trading, as well options on what type of moving average to use. Looking at the stock's movement on the chart, Huntington Bancshares Incorporated recorded a 52-week high of $14.66.

Turkey's election board says unstamped ballots are valid
Turkey's ally Saudi Arabia on Monday praised the "success" of a referendum giving President Recep Tayyip Erdogan sweeping new powers.

Mike Pence issues North Korea warning as 1200 marines ready for war
North Korean state media warned the United States of a "super-mighty preemptive strike" after U.S. North Korea has always been a threat to the USA and its Asian allies South Korea and Japan.

British Lawmakers Overwhelmingly Support Early General Election In June
British Prime Minister Theresa May has called for a general election to take place on Thursday, 8 June. Britain's Prime Minister, Theresa May, announced Tuesday a snap general election to be held on June 8.

Samsung Galaxy Book Will Be Available April 21
Samsung Galaxy Book, which was announced during MWC 2017, will be now up for pre-order starting April 21st in the United States. The standard model only comes in silver, but Best Buy is exclusively offering a black version in addition to the silver.

Senators beat Bruins 1-0, take 3-1 lead in series
The Leafs have Auston Matthews , William Nylander , Mitchell Marner , and Jake Gardiner, just to name a few that are insane fast. The first 10 minutes of that game, if we can continue to keep that pace up, I don't think they'll be able to play with us.

Fox News addresses O'Reilly exit on air
Prior to his termination, O'Reilly was "under a bit of fire internally" and no longer had the type of power he once held at Fox. In the wake of the Times report , two more women have come forward to accuse O'Reilly of harassment, one anonymously.

Walcott 'sensed' Palace 'wanted it more' from kick-off
On the pitch you can see it and with the leadership from the top of the club. We were unbeaten for a long time away from home, and now we can not win.

Green's all-around consistency boosts Warriors in Game 1
Turnovers and hot shooting from the opposition are mainly why Portland stuck around so long in this series' inaugural game. McCollum, who shot 11-for-15 from the floor in the first 24 minutes of play, seemed to have the Warriors' number.

Final killer whale to be born in SeaWorld park welcomed
Visitors soon will be able to see the calf with its mother "during select times", the park said . Takara began bonding and caring for her new baby immediately, according to the park.

Depopulate Kashmir Valley to curb protests: Subramanian Swamy
The mobile internet service for post-paid connections was restored on November 19 past year after a gap of about five months. The video sparked outrage and triggered protests.

Saudi wants 10% renewable energy in six years
Saudi Arabia has led a coalition battling Iran-backed Houthi rebels in its impoverished southern neighbor for the past two years. Multiple rounds of U.N-brokered peace talks have failed to bridge the gap between the warring parties in Yemen.