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45pc tax rate confirmed for high earners
TAX THE country's biggest earners could be hit with a new 45 per cent top tax rate to help the Government claw back its increased borrowing – if Labour wins the next General Election.
The new tax band would raise around 2bn from the 400,000 people in the country who earn more than 150,000 a year.
Chancellor Alistair Darling said the new rate was the fairest way to help the country through the recession, by helping to fund tax cuts for those who were less well off.
He told MPs the new tax band would be introduced in April 2011 – but by then Labour will have faced the country in the next General Election, which must be called by May 2010 at the latest.
The Chancellor announced yesterday that he would also phase out the personal allowance on income tax for people who earn more than 140,000 and reducing the allowance for those earning between 100,000 and 140,000 so that they receive the same benefit as the basic rate taxpayer.
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Weather for Yorkshire
Saturday 26 May 2012
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Temperature: 9 C to 23 C
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