Lib Dem tax switch to protect the poorest
June 23, 2010 9:00 AM
Jo has welcomed the this week's Budget announcement that Lib Dem proposals to lift thousands of the lowest paid out of income tax are to be implemented.
In his Budget speech to the House of Commons this week the Chancellor of the Exchequer announced that the tax-free allowance will increase by £1000 in April 2011, lifting an estimated 880,000 of the lowest paid out of income tax altogether.
This will be balanced by a 10% increase in Capital Gains Tax and a new levy on bank profits to make sure the wealthiest pay their fair share.
Commenting, Jo said:
"This Government has to start tackling the enormous black hole that Labour left in the country's finances, but it is absolutely vital to us as Liberal Democrats that the burden should be spread fairly across society and not fall disproportionately on the poorest.
"This Budget begins to implement the key Lib Dem manifesto pledge to raise the income tax threshold toward £10,000, which will help make sure that those on low incomes are protected from cuts. This change will put money back into the pockets of low paid working people, and take hundreds of people in East Dunbartonshire out of paying income tax altogether."
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