TODMORDEN Liberal Democrats have backed the stance of the Chief Secretary to the Treasury, Lib Dem Danny Alexander, that the 50p income tax rate on incomes over £150,000 must stay.
Dr Michael Taylor, an economist with many years’ experience, disputes Conservative arguments that this tax doesn’t bring in revenue. “It is clearly nonsense that this tax makes the UK uncompetitive or drives people away. Similar tax rates are levied in other countries, including France and Belgium and the Scandinavian countries and they collect good revenues for the government from their higher income tax,” he said.
Dr Taylor said that if the taxes are not coming in, it was not because the tax was unfair or undesirable, but because it was being evaded or avoided.
Lib Dem campaigner Olwen Jennings said that it was right that everyone paid their fair share in taxes, especially those who had enjoyed a huge rise in income over the past few years.