On 6.4.2012, the income tax personal allowance was raised for the second year in a row, this time by £630, from £7,475 to £8,105, meaning that thousands of people in Stevenage will get £130 income tax cut.
Also, the number of people in Stevenage who have been lifted out of paying any income tax since the Coalition government came to power has reached 1,250.
The recent budget announced that from April 2013, the personal allowance will rise by £1,100, which is the biggest cash increase ever, to £9,205, meaning that 38,300 people in Stevenage will receive an additional income tax cut of £220 in 2013/2014.
And the recent budget also announced that from April 2013, the number of people in Stevenage who have been lifted out of paying income tax since the Coalition government came to power will rise by a further 1,130 to 2,380.
Commenting, local Liberal Democrat borough and county councillor, Robin Parker, said: “The Chancellor has done the right thing in listening to Liberal Democrat demands for the income tax threshold and the personal allowances to be raised further. We need a fairer tax system, where help is needed for those who need it most, and the richest pay their fair share.”
“The announcements in the budget mean that now over 1.1 million people in the UK have been taken out of paying income tax altogether and this will rise to almost 2 million people by April 2013. This is indeed helping those who need it most.”
“This contrasts with Labour who hit working families hard by abolishing the 10p rate while letting tycoons get away with shameless tax avoidance.”
“The budget includes a number of measures to make the rich pay their fair share. For example, a Tycoon Tax which will cap tax breaks the wealthy can use; raising stamp duty to 7% for those buying mansions; closing loopholes that allow people to buy houses in company names to avoid stamp duty, The Coalition has done what
Labour failed to do – getting the richest people in the country to pay their fair share.”
“Labour had the 50p income tax rate in force for only 52 days out of their 13 years in power. The Coalition will have had it for almost 3 years when it is cut in 2013. Also, the Coalition’s Tycoon Tax should raise five times as much from the super rich as Labour’s 50p rate.”
“A Liberal Democrat government would not have made cutting the 50p rate a priority, but in a Coalition there are certain to be compromises – and Liberal Democrats will make sure that the extra taxes on the rich actually work and raise more revenue than Labour did from the very rich.”
“Those who oppose any of the budget measures need to explain how they would pay for any changes they suggest.”