Political parties adopt differing tax approaches on run up to General Election
Louise Somerset, tax director at RBC Wealth Management, says the approach to tax is all about "stability" for Labour, "competitiveness" for the Conservatives, and "equality" for the Liberal Democrats.
Talking about the three parties' approach to income tax, Ms Somerset said: “The new 50% income tax rate, which has now been implemented, has been widely publicised by Labour. However, history has shown that decreasing the tax rate increases tax revenues, as people do less to avoid paying the higher rates. The Conservatives have pledged to abolish this rate in the future, perhaps mindful of this fact, although there is no timetable for abolition.
“The Liberal Democrats take a very different view
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