THE NATION’s tax bill will be cut if the party is re-elected at the polls next May, prime minister David Cameron has pledged.
Speaking at the Conservative Party Conference in Birmingham today, Cameron said he would raise the 40% tax threshold to £50,000 from £41,900 by 2020.
He also vowed to raise the current £10,000 tax threshold to £12,500, a move he said would remove one million of the poorest workers out of tax completely and hand what is effectively a tax cut to around 30 million people.
However, the Conservatives leader would not reveal when – should be re-elected – the cuts would kick in.
The total combined costs of implementing the tax changes would be £7.2bn, according to the Institute for Fiscal Studies.
Upping the 40p tax band would be personally enrich those earning £50,000 by £1,600 a year.
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