The tax system had gotten increasingly unfair under successive governments over the last few decades, sucking more and more people into paying Income Tax. I for one remember that dark period when Labour abolished the 10p Tax millions of low paid workers saw their pay packets slashed.
That is why the Liberal Democrats did the right thing and made rebalancing the tax system a priority, putting it on the front page of our manifesto. On Friday 6 April, the Income Tax threshold was raised for the second year in a row. In Glasgow, that means that 14,910 people have been lifted out of paying Income tax all together and 198,700 basic-rate taxpayers have received a £330 tax cut since the Coalition Government came into power.
Next year the Income Tax threshold will rise again, increasing the tax cut to £45 a month and this will continue until we’ve reached a Personal Allowance of £10,000. This means someone working full-time on the minimum wage will have had their Income Tax bill halved.
At the same time, Liberal Democrats are making sure the rich pay their fair share, by closing loopholes, introducing a tycoon tax and cracking down on tax avoidance. As we clean up the economic mess Labour left behind, it is right than the broadest shoulders bear the heaviest burdens. That is also why every Liberal Democrat-run council inEnglandhas frozen Council Tax, unlike Labour and the Tories.
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