Boris Johnson defends National Insurance levy in Parliament
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Boris Johnson explained while he will not be increasing capital gains tax and income tax to pay for social care, the government plans to share the cost of social care between businesses and individuals. Mr Johnson made clear that those above state pension age are not exempt from the plans and will also have to make a contribution to social care costs. It comes as Mr Johnson has announced working Britons will pay millions more a year in National Insurance tax to cover the cost of social care.
Mr Johnson said: “Some will ask why we don’t increase income tax or capital gains tax.
“But income tax isn’t paid by businesses o the whole burden would fall on individuals.
“Roughly doubling the amount that the basic taxpayer will have to pay.
“The total revenue from capital gains tax amounts to less than £9 billion this year.”
He added: “Instead our new levy will share the cost between individuals and businesses.
“Everyone will contribute accrording to their means. – Including those above state pension age!
“Those who earn more will pay more and because we are also increasing dividends tax rate.
“We will be asking better off businesses and business owners to make a fair contribution to.”
More to follow…
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