The budget: women will be handing money to men

Posted on

As the Mirror has reported this morning:

Men have benefited far more from tax cuts for top earners than women.

Cutting the top rate from 50p to 45p four years’ ago helped 16 per cent of women but 84 per cent of men.

If George Osborne slashes the rate further in the Budget – from 45p to 40p for those on £150,000 or more – will put even more money in men’s pockets.

And as they continue:

Analysis by the Tax Justice Network found there are 339,000 people (284,000 men and 55,000 women) earning above that level.

Cutting the rate to 40p would be worth £3.3billion to high-earning men (89%) but just £428million to wealthy women (11%).

Tax Justice Network’s Liz Nelson said:

“For every rich woman who gains from this tax cut, six rich men will get a boost.

"Women will also take by far the biggest hit from the ensuing spending cuts - they always do.

"A tax cut from 45p to 40p would reach deep into millions of women's pockets and hand the bonanza over to a lot of rich men.

"Are British women supposed to content ourselves with trickle-down from rich husbands?"

It's a good question. I suspect the answer would be telling.