The Tories have tried to claim that reintroducing the 50p rate wouldn’t raise any additional money but we now know that tax revenues from people earning over £150,000 were nearly £10bn higher over the three years that the 50p rate was in force than expected at the time.
And David Cameron has refused to rule out further cutting taxes for people on over £150,000. Having already given the richest one per cent a huge tax cut, it’s now clear he wants to give them another one.
Labour is committed to balancing the books, delivering a surplus on the current budget and getting the national debt falling in the next Parliament. Labour also wants to introduce a lower 10p starting rate of tax which would help make work pay and cut taxes for 24 million people on middle and lower incomes.
Andrew Gwynne MP said:
“The Tories simply don’t understand what people in our area are going through which is why they gave on average a £100,000 tax cut to millionaires and why they’ve criticised Labour’s plans to restore the 50p rate of tax for the richest one per cent of the population.
“At a time when the deficit is high and taxes have gone up for ordinary families in Tameside and Stockport it cannot make sense to give the very richest people in the country a huge tax cut.
“Labour will get the deficit down in a fairer way and asking those with the broadest shoulders to bear a greater share of the burden is a very important part of that.”