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A £1,400 tax cut for every working couple

November 30, 2009 3:24 PM

Liberal Democrat candidate for Bosworth, Michael Mullaney, today welcomed the party's new plans to bring in a fairer tax system.

Under the Liberal Democrats no-one will pay a penny's tax on the first £10,000 they earn each year.

The proposals give every working person a £700 pay cut - £1,400 less tax a year for every working couple. Pensioners will each receive a £100 tax cut. And 4 million of the poorest people will be taken out of paying income tax completely.

Michael Mullaney said: "While the Tories are only interested in helping out their super-rich friends, our fairer tax system will give tax cuts to all of Hinckley and Bosworth's workers.

"I know how useful working families will find the £1,400 tax cut they will receive from the Liberal Democrats each year.

"And I know it is absolutely right that tax loopholes are closed to pay for those cuts. It is only fair."

Along with closing a series of tax loopholes the Liberal Democrats will introduce a mansion tax - a 1% levy on the value of homes worth more than £2m.

Michael Mullaney added: "No one in a home worth less than £2m will pay a penny of extra tax on their property.

"This is a tax that will only hit the very richest in the country - less than a handful in Bosworth.

The Liberal Democrats will replace council tax with a local income tax, based on people's ability to pay. Money raised locally will be spent locally, improving the community we live in.

Michael Mullaney added: "Not only is council tax unfair, penalising pensioners who no longer work, but the money is spent by faceless bureaucrats in Whitehall.

"Under Lib Dem plans what's raised in Hinckley and Bosworth will be spent in Hinckley and Bosworth - directly improving our community. What could be fairer than that?"