The devil's in the small print

I apologise-was out of contact for a few days and must now catch up on the world.

The Devil's in the small print. On the face of it a 45% tax rate for those earning more than 150000 pounds a year (the bankers that got us into the mess people say) look relatively fair if it were to be temporary. The problem is that it is a clear act of class war by Labour. The amount raised is a miniscule 2 bn, wiped out by the cost of a 2.5% cut in VAT. The devil is in the small print, there is a national insurance rise for those earning over 40K. It's ridiculous, as Iain Martin says, Labour is punishing aspiration. 

Huge numbers of not very rich people fall into that bracket. They already pay 40% and now there is an even higher national insurance contribution. These are people who scrimp and save to pay massive mortgages for humble houses. Who have several hour long daily commutes because they want to live near a decent school. They are the powerhouse of what is left of Britain's economy. Why cant Labour just identify 30 billion pounds of cuts and use the money to borrow less and raise the tax threshold to take the poorest (who suffer most from recessions) out of the tax threshold, rather than taxing moderately well off and hardworking people so you can cut taxes on Nintendo Wiis and Harrods goods by 2.5%.