The Labour Party calls on the Conservative led government to abandon its plans for a £3 billion top rate tax cut in the Autumn Statement next week.
8,000 people earning over £1 million will get an extra £107,500 a year from the government’s tax cut in April. At a time when pensioners on middle and low incomes are paying more, the government should show that we really are ‘all in this together’.
The Labour Party calls on the Conservative led government to abandon its plans for a £3 billion top rate tax cut in the Autumn Statement next week.
8,000 people earning over £1 million will get an extra £107,500 a year from the government’s tax cut in April. At a time when pensioners on middle and low incomes are paying more, the government should show that we really are ‘all in this together’.
George Osborne’s economic plan is in tatters, and the economy is flatlining. Long term unemployment is increasing. Borrowing is up. But still he doesn’t question is devotion to the Tory philosophy: millionaires will work harder if we give them more money, and the poorest will work harder if we make cuts to tax credits and raise VAT.
They say that this tax cut for millionaires is to get £2.9 billion back from people currently avoiding tax, based on and evaluation from the Treasury. But they say nothing about the caveat: that the Office of Budget Responsibility says the results of this evaluation are “highly uncertain”.
Did you know?
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85% of top rate tax payers who will get a cut are men.
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The 4.4 million pensions that pay income tax will lose an average of £83 per year next April.
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People turning 65 next year will lose up to £323.
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A low income, working family with one child will lose £253 a year from changes to tax, benefits and tax credits which were introduced in 2012-13.
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There are 17,000 50p rate taxpayers in the South West.
What they said:
So it has meant difficult decisions, but I have been very clear and we have all been clear, we have to try and do this in a way that is fair so that the broadest backs bear the biggest burden. That is why we haven’t changed, for instance, the 50p tax rate.
David Cameron, 2011
I’ve said before that now wouldn’t be the right time to remove it, when we’re asking others in our society on much lower incomes to make sacrifices.
George Osborne, 2011
But we could not even think of abolishing the 50p rate on the rich while at the same time I am asking many of our public sector workers to accept a pay freeze to protect their jobs.
George Osborne, 2009
