Zombiefacts: "tax cuts for millionaires"

Posted by Christie Malry on February 10, 2013 at 7:30 pm

This time it's the Sunday Mail, the sister paper of frothing Scottish newspaper, Daily Record:

The bedroom tax tells you everything you need to know about Cameron, George Osborne and the rest of their shower.

Many of these silver-spoon ministers sitting around the cabinet table will be £100,000 a year better off when their tax cuts for millionaires arrive in April.

I can be quite cynical, for sure. But even I don't believe that ministers base income tax policy on what will benefit themselves personally. It's a rather silly idea, especially as the salary for a cabinet minister is £134,565 (the PM earns ever so slightly more). Sure, some of them may have outside earnings that would push their earnings above the £150,000 level at which they begin paying tax at the highest rate. But for "many" of them to be £100,000 a year better off solely because of the reduction in rate from 50% to 45%, they would need to have additional earnings on top of their ministerial salary of £2,015,435 [((134,565 + 2,015,435) - (150,000)) * (50% - 45%)]. Many of them have outside earnings at this level? I just don't believe it.

It's a very lazy sideswipe from a very lazy newspaper. But, because people tend to trust, quote and cite newspapers, it's important that they're responsible enough to get this sort of thing right.

Incidentally, FullFact took Labour to task over their own sloppy use of the "tax cuts for millionaires" trope.

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