The announced income tax cuts in reality are being taken back by increased tax rates for some of the poorest households while the richest income earners would benefit the most.

This is an updated version of an educational piece on Marxist economics that was produced in October 1974. It is an introduction to what often seems a complicated subject. It includes recommendations for further reading and should be read by all those interested in deepening their knowledge about Marxism.

The annual conference of the bosses' organisation the CBI is usually marked by a series of complaints about wages (too high), regulation (too much) and taxes (too unavoidable) – just like a trade union conference but in reverse. This year's conference is no exception.