Will MPs vote down David Cameron's capital gains tax changes?
David Cameron is today facing a potential revolt over his capital gains tax changes, which are yet to be confirmed, with a suggestion that some Tory and Labour MPs will vote against any changes which could see the rate of taxation increase to around 50%. While currently there are only rumours of a concerted effort by both Conservative and Liberal party MPs against the move, there is a growing resentment within the Conservative party.
As we have mentioned on numerous occasions, many Tory MPs believe that David Cameron has effectively "sold out" to the Liberal Democrat party and given too much away, especially in the field of taxation and finance. In many ways David Cameron is stuck between "a rock and a hard place" and has very little room for maneuver in the short-term. He will need to draw upon all of his experience and his negotiating skills to keep all parties happy as there is a feeling that changes to the capital gains tax system were an integral part of the coalition agreement with the Liberal Democrat party.
Many believe this could be the straw which broke the camel's back but many also believe that David Cameron has the perfect opportunity to show off his statesman like skills to perfection.
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