England Soaks the 'Rich'

http://www.futureofcapitalism.com/2010/10/england-soaks-the-rich

The movement by policy types and politicians on the center-right in America to balance the budget at the expense of the "rich" is something we've been following here closely. Now comes word, via Bloomberg News, from Great Britain that the "conservative" government there will "end child- benefit welfare payments for wealthier people." The wire reports that "The decision is a shift for Osborne, who when delivering his emergency budget in June defended keeping child benefit as a universal payment without means tests. It risks angering wealthier voters as the opposition Labour Party moves ahead in some polls."

The article indicates that families will lose the child benefit when one parent earns at least the equivalent of $69,665 a year, which is an example of how flexible the definition of "rich" can be.

by Ira Stoll  |  Oct 4, 2010 at 9:02 am Related Topics:  Definition of 'Rich', Europe receive the latest by email: subscribe to the free futureofcapitalism.com mailing list