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| Tax (Photo credit: 401K) |
The tax system had gotten increasingly unfair under successive governments over the last few decades, sucking more and more people into paying Income Tax.
That is why the Liberal Democrats have done 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 Scotland, that means that 92,000 people have been lifted out of paying Income tax all together and 2,100,000 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.
Tax changes that help
The tax system had gotten increasingly unfair under successive governments over the last few decades, sucking more and more people into paying Income Tax.
That is why the Liberal Democrats have done 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 Scotland, that means that 92,000 people have been lifted out of paying Income tax all together and 2,100,000 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.
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