Claims extracted
24
sentences that state something as happening or true
Uncertain
21%
5 of 24 hedged
("reportedly", "may", "according to")
Leaning
Leans strongly right
of the writing, not the subject · beta estimate
Publisher signals
69/100
Daily Mail's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Politics
Same framing elsewhere
1
articles that frame the event the way this one does
John Healey has ditched Budget plans for a ‘wealth tax’ on investments after officials warned it would backfire.
asserted
it → ditch → investments
The Chancellor has been examining Labour demands to raise rates of capital gains tax (CGT) to the same level as income tax.
asserted
Chancellor → examine → tax
The move would have seen CGT for top rate taxpayers almost double from 24 per cent to 45 per cent.
asserted
CGT → see → cent
Supporters of the idea, including cabinet ministers and union chiefs, claimed the plan was a painless way to raise billions by soaking the rich.
asserted
plan → include → rich
Defence secretary Wes Streeting described the idea as a ‘wealth tax that works’.
asserted
that → describe → tax
But Treasury officials warned Mr Healey that a sharp rise in CGT would backfire disastrously.
asserted
rise → warn → CGT
They pointed to official figures showing that a big rise in the headline rate would cost the Treasury billions as investors took action to avoid paying the tax altogether.
asserted
investors → point → tax
According to HM Revenue and Customs estimates, a 10-point hike in the higher rate of CGT would lead to a loss in revenue of more than £3.5 billion a year.
uncertain
hike → accord → billion
John Healey was forced to back down after officials warned that Labour demands to hike capital gains tax would backfire
Officials also raised concerns that a big increase in CGT could trigger a slump in investment at the very time ministers are trying to encourage it.
One Treasury insider told the Daily Mail: ‘Superficially it sounds like an easy win.
uncertain
it → force → win
But the reason Rachel (Reeves) never touched it is because the numbers just don’t add up.’
asserted
numbers → touch → it
Another Treasury source told the Financial Times the idea was ‘bat s**t crazy’.
asserted
idea → tell → Times
The decision to drop the plan follows another climbdown over the Mansion Tax, where Mr Healey has backed away from cutting the threshold from £2 million to £1.5 million.
asserted
Healey → drop → million
Shadow chancellor Andrew Griffith said: ‘John Healey is in headlong retreat.
asserted
Healey → say → retreat
But his Treasury kite flying has damaging consequences for economic confidence impacting ordinary people’s jobs.
asserted
flying → have → jobs
‘Whilst u-turns on individual measures such as CGT hikes are welcome, with the tax burden at a record high the Chancellor needs to rule out any tax increases and instead get a grip on the out-of-control welfare bill.
asserted
Chancellor → need → bill
Capital gains tax is paid on the profits from selling assets like property, shares and possessions.
asserted
tax → pay → property
Basic rate taxpayers pay CGT at 18 per cent, while higher rate taxpayers pay 24 per cent.
asserted
taxpayers → pay → cent
Left-wingers have long complained it is unfair that wealth is taxed more lightly than work.
asserted
wealth → complain → work
Louise Haigh, who is effectively Andy Burnham’s deputy, said this summer that income tax and CGT rates should be ‘brought closer’, adding: ‘This reform is central to restoring confidence that the system does not favour those able to structure their income over those earning through work.’
Unite union chief Sharon Graham backed the measure last month, alongside a one per cent ‘wealth tax’ on assets.
Former Labour leader Neil Kinnock also called on the Chancellor to act, saying a ‘fair change’ on CGT could raise as much as £12 billion.
But experts have repeatedly questioned how much, if anything, a big rise in CGT would generate.
HMRC warned that ‘very large tax rate rises can reduce exchequer yield due to taxpayer behavioural impacts’.
uncertain
rises → say → impacts
It warned that even a 5p rise in the top rate of CGT could cost the Treasury £870 million a year.
uncertain
rise → warn → million
Mr Healey could still impose a more modest rise in CGT rates next month.
uncertain
Healey → impose → rates
But HMRC figures suggest that even a one per cent rise would cost the Treasury £30 million in lost revenue.
asserted
rise → suggest → revenue
Former Tory chancellor Sir Jeremy Hunt said there was little scope for raising additional revenue.
asserted
Hunt → say → revenue
He said equalising the rate was ‘always a non-starter’, telling the FT: ‘Every chancellor is briefed that the revenue-maximising rate of CGT is 24 per cent after which you start losing money’.
asserted
you → say → money
The Aporia
