UK Labour party vows to bring back 50% top marginal tax rate
Source: The Independent
The controversial 50p tax rate would be brought back by a Labour government, Ed Balls has vowed.
Top earners will be hit with a tax rise under a Labour government, Ed Balls announced today, as he pledged to reduce the UK’s deficit by ensuring those with the “broadest shoulders bear a fairer share of the burden”.
... A Labour government will also introduce a lower 10p starting rate of tax, helping those on middle and lower incomes. The 45p rate was increased to 50p by Gordon Brown before the last election, then slashed again by Mr Osborne in 2013.
... Mr Balls said: “For the next Parliament, we will restore the 50p top rate of tax for those earning over £150,000, reversing this unfair tax cut for the richest 1 per cent of people, and cutting the deficit in a fairer way.”
Read more: http://www.independent.co.uk/news/uk/politics/labour-will-bring-back-50p-income-tax-for-top-earners-says-ed-balls-9084983.html
