11/08/2006
Lib Dems unveil 'fairer' tax plans
The Liberal Democrat's Tax Commission has unveiled proposals for a tax system which they claims would be "fairer, greener and simpler".
The proposals include plans to cut the basic tax rate by 2p and take 1.3 million people out of the of the upper tax rate, tackle climate change by taxing pollution and reduce the number of tax rates and reliefs for both individuals and businesses.
Under the plans, people earning under £7,185 would not pay any taxes, while the top tax rate of 40% would only apply to those earning salaries of £50,000.
The Lib Dems also said that there would be a £2,000 road tax charge for the most polluting cars - a huge jump from the present charge of £210.
Launching the proposals, Liberal Democrat Shadow Chancellor Dr Vince Cable, said: "These proposals demonstrate our commitment to tackling inequality and environmental damage while maintaining financial discipline.
"The changes in income tax will make the tax system fairer for those on low and middle incomes. Specifically, this will benefit the vast majority of pensioners, key public sector workers and young professionals.
"These tax cuts for the majority will be paid for by the wealthy and those with environmentally damaging lifestyles.
"The current system of taxation is not fair. The bottom 20% of households pay proportionately more of their income in tax than the richest 20%."
(KMcA)
The proposals include plans to cut the basic tax rate by 2p and take 1.3 million people out of the of the upper tax rate, tackle climate change by taxing pollution and reduce the number of tax rates and reliefs for both individuals and businesses.
Under the plans, people earning under £7,185 would not pay any taxes, while the top tax rate of 40% would only apply to those earning salaries of £50,000.
The Lib Dems also said that there would be a £2,000 road tax charge for the most polluting cars - a huge jump from the present charge of £210.
Launching the proposals, Liberal Democrat Shadow Chancellor Dr Vince Cable, said: "These proposals demonstrate our commitment to tackling inequality and environmental damage while maintaining financial discipline.
"The changes in income tax will make the tax system fairer for those on low and middle incomes. Specifically, this will benefit the vast majority of pensioners, key public sector workers and young professionals.
"These tax cuts for the majority will be paid for by the wealthy and those with environmentally damaging lifestyles.
"The current system of taxation is not fair. The bottom 20% of households pay proportionately more of their income in tax than the richest 20%."
(KMcA)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
