Monday, September 13, 2010
Accumulation by dispossession: When a government takes from the poor to give to the rich
In the UK the richest 1000 people saw their wealth increase by 33%- an increase of $77 billion- over the last year.
The response of the Conservative-Liberal Coalition is an austerity budget that takes most from the poor and cuts billions from public services and gives tax cuts to the rich. An analysis by the Institute for Fiscal Studies found that the poorest families will be hit the hardest by the Budget of the UK Conservative-Liberal Government while changes to income tax will benefit the rich.
Table: The effect of tax and benefit reforms announced in the emergency Budget by income decile group and household type