Friday, April 15, 2005

Hidden costs

I'm sorry for Chuckie K, I really am. I remember how it was when my children were new-borns - the late-night feeds, changing nappies and rocking them to sleep as dawn's light crept over the horizon. So, when Charlie has to do all that and then face a campaign press conference a few hours later, I feel for the poor bloke. So, when he loses the plot over the Local Income Tax, I don't really mind.

They've admitted that this will cut tax, by the simple expedient of having central government make up the £2.4 billion shortfall in income that the proposed tax will generate. This shortfall will come out of the extra tax on top earners - which is increasingly looking like a very elastic amount.

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