TaxCorporate TaxEd Miliband aims to tax banks

Ed Miliband aims to tax banks

New Labour leader lines up bank tax

New Labour leader Ed Miliband called for higher taxes on the banks he blamed
for causing the economic crisis within hours of defeating brother David.

He was speaking in a televised interview with the BBC after attacking the
coalition government for moving “too far and too fast” on deficit reduction.

Miliband junior said he would consider what more could be done on taxing
banks and went on to call for a graduate tax to fund higher education, claiming
it was right those earning more because they had a university education should
contribute more towards its cost.

But he made it clear the addition to normal income tax should be for a
limited period – not for life.

It followed speculation David is possibly in line to become shadow chancellor
after incumbent Alistair Darling stood down. But he avoided indicating whether
he will even stand for nomination to the shadow cabinet, for which names must be
in on Wednesday.

Meanwhile shadow education secretary Ed Balls, defeated in the leadership
contest, signaled he would like the shadow chancellor job and would be entering
the shadow cabinet contest.

He called for a permanent 50% tax “on six figure salaries” and “discussions”
on reducing the threshold.

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