George Osborne Quotes
Just as we should never balance the budget on the backs of the poor, so it is an economic delusion to think you can balance it only on the wallets of the rich.
Osborne, George. "Speech to the Conservative Party Conference." The Conservative Party, 4 Oct. 2010.
Martin was explaining the position of Pope John Paul II.
An income tax had been instituted during the Civil War but had lapsed. Existing taxes were all excise or head taxes—very regressive. Later there was a political movement to bring back the income tax with the intention of taxing all income equally. There was a titanic struggle which culminated in a Constitutional Amendment allowing the income tax. None of the original politicians, for or against, the income tax could never imagine an income tax that would charge lower rates for investment income. That was the entire purpose of the income tax at the beginning—to tax investment (unearned) income. The “capital gains tax” was the creative way of the rich getting back some of what they thought the lost when the income tax was instituted.
George Gideon Oliver Osborne CH is a British politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 in the Cameron government. A member of the Conservative Party, he was Member of Parliament (MP) for Tatton from 2001 to 2017. He was editor of the London Evening Standard from 2017 to 2020.