TaxPersonal TaxLib Dems urge greater taxes on the rich

Lib Dems urge greater taxes on the rich

The Liberal Democrats have unveiled a radical shake-up in its strategy on tax that revolves around higher taxes for the rich but no increase in public spending.

Link: Lib Dems call for IT training tax breaks

The party said it would introduce a new 50% rate of income tax for those earning over £100,000 a year, which it estimated would bring in an extra £4.5bn a year. This money would be used to scrap university tuition and top-up fees and also to help reduce council tax bills.

The Liberal Democrats also proposed scrapping the new pensioner credit scheme and using the money from this to increase the basic state pension, with larger increases for older pensioners, according to reports in the Financial Times.

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