Jeremy Corbyn tax threat exposed as he says 50% rate ‘very modest’ in unearthed video

Newly unearthed video shows Jeremy Corbyn describing a 50 percent tax rate for high earners as “very modest”. He also suggested a return to a 90 percent tax rate in an astonishing insight into his ideological stance on the issue. Mr Corbyn made the intervention to students at Warwick University in 2014 to push the case for the “aggressive redistribution of wealth”.

Doctors, senior police officers and headteachers could be just some of those drawn into Mr Corbyn’s suggested tax rates.

Addressing students at the Warwick Debating Union, Mr Corbyn said: “The post-war consensus depended on a number of things.

“One was high taxation. Two was a university education. Three was housing. Four was health.

“The tax rate at the end of the Second World War for the highest earners was over 90 percent.”

Wistfully harking back 70 years, Mr Corbyn continued: “We now get squeals and squeals and squeals from financial press and banks for the very modest proposal of the suggestion that the highest taxation rate should be 50 percent of income.

“I would argue that taxation can be a vehicle for distribution for wealth. It can be a way of giving an opportunity to people.

“It can be a very big step forward in protecting and developing our national services.

“Since 2010 when we had the banking crisis, brought about by Government inaction insufficiently controlling what banks do.

“Brought about by global inaction on controlling what banks do. And brought about by global inaction on what the financial markets are doing.

“As a result, we have had not just an austerity budget of 2010 to pay for the debts that have been accumulated, but we have had a political distribution of wealth and power in the other direction.”

The Conservative Party have put together an assessment of how much they believe Labour’s policies would cost the UK taxpayer ahead of the release of their general election 2019 manifesto.

Their estimate puts the cost at an eye-watering £1trillion.

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The document, devised by the party and not the treasury itself as that would breach electoral rules, takes into account Labour Party promises and pledges spanning from their 2017 manifesto to the motions voted on at party conference in Brighton this year, including abolishing all private schools.

However, Labour says although such measures were voted on by the party membership, it does not necessarily follow that these policies will be included in their 2019 manifesto.

Last night, Chief Secretary to the Treasury Rishi Sunak said: “We know Labour’s £1trillion spending splurge would mean higher taxes for all and this is just the start.”

But the Shadow Chancellor John McDonnell has dismissed the document as a “ludicrous piece of Tory fake news.”

He said: “This is an incompetent mish-mash of debunked estimates and bad maths, cooked up because they know Labour’s plans for real change are popular.”

Challenged on the assessment by the BBC’s Andrew Marr, Chancellor Sajid Javid stood by the figures.

He told the programme: “This is the true cost of Corbyn’s Labour. These are the numbers that John McDonnell did not want you to see.”

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