I got to the office of
Supertax and explained the man's predicament.
Former UK Chancellor Alistair Darling - admitted his
supertax on bonuses had failed to curb excessive behaviour by the banks
Mr Duncan Smith said the benefits regime often provides little incentive to work, meaning that some people would be taxed on the first eight or nine hours of the first 10 hours they work, describing it as a "
supertax".
The
supertax could rake in more than pounds 2billion - four times the pounds 550million estimated by the Chancellor in his pre-Budget report.
They particularly liked Mr Darling's plan to impose a 50 per cent
supertax on the bonuses of rich bankers and use the cash raised to tackle youth unemployment.
What's more, at 214g/km, it'll side-step Ken Livingstone's forthcoming pounds 25 congestion
supertax for Band G motors that emit more than 225g/km.
'
Supertax' was designed to hit the very rich, but these days the higher rate catches people who are on middle incomes.
As per news reports, the federal government is likely to withdraw 4pc
supertax imposed on the banking sector for the tax year 2018.
The Liberal Democrat leader said he was not ruling out any options against banks, including a levy like the one-off 50 per cent
supertax on bank bonuses imposed by the Labour government last year.
1909: In a revolutionary Budget, Chancellor David Lloyd George introduced a "
supertax" of sixpence in the pound for anyone earning more than pounds 5,000 a year, to pay for old age pensions and re-armament: the budget passed after a long battle with the House of Lords.
The report did not contain any great surprises and to an extent the banking sector breathed a sigh of relief as the rumours that a windfall tax on the sector did not come to fruition, although there is the one-off 50%
supertax for banker's bonuses over pounds 25,000.
Then Mr Darling admitted his 50p
supertax rate has no science behind it and he has no idea how much it will raise.
