Osborne’s tax cut for top earners ‘cost £100 million’

George Osborne’s decision to cut the 50p tax rate for top earners has cost the Treasury around £100 million, according to an independent report. MORE

George Osborne budget

George Osborne: does anyone believe

Tory budget: who wins? who pays?

Jeremy Corbyn: An Eventful week

Jeremy Corbyn shares his take on what has been an eventful week, from the Government’s change of heart on the Saudi prison contract to the celebration of Black History Month in Bristol.

Danny Alexander exposes “secret” Tory plans for £8bn in welfare cuts

http://www.theguardian.com/politics/2015/apr/29/danny-alexander-tory-plans-welfare-cuts-child-benefits

Tories tax “pledge” nonsense shows they’re getting desperate

http://www.theguardian.com/politics/2015/apr/29/conservative-pledge-freeze-taxes-sign-desperation-say-economists

12 things you need to know about the choice in this election on taxes:

1) On average, people are £1100 worse off because of the tax and benefit changes made by the Tories.

2) The rise in VAT has cost a couple with children £1800 over the last four years, according to the Treasury’s own figures

3) Half a million families have been hit by the bedroom tax

4) More than three million working families have seen their tax credits cut in real terms over the last few years.

5) The Tories gave the top one per cent of earners a £3 billion a year tax cut.

6) For someone with an income of £1 million that’s a tax cut of £85,000 over the last two years. Someone earning £5 million it’s a tax cut of £485,000.

7) George Osborne has repeatedly refused to rule out cutting the top rate of tax again for the very richest.

8) The Tories have made £10 billion of unfunded tax promises – which they have still not told us how they will pay for. Because that money has to come from somewhere, the Tories will raise VAT again.

9) Every Tory government in 40 years has raised VAT, after saying that they wouldn’t. George Osborne did it in 2010.

10 ) A VAT rise to fill their £10 billion gap is the equivalent of a two per cent rise in VAT. This would mean a tax rise of £360 a year for a couple with children – a VAT rise of £1440 over four years.

11) Labour has a better plan. We will not raise VAT. We will not raise national insurance. We will not raise the basic or higher rates of income tax.

12) Labour can make these manifesto commitments for the next Parliament because, unlike the Tories, all of our promises are fully funded and paid for.

The choice at this general election is a choice between Labour’s plan which backs the many, or the same old Tories always standing up for the few. Share this with people so they know.

12 things you need to know about the choice in this election on taxes

1) On average, people are £1100 worse off because of the tax and benefit changes made by the Tories.

2) The rise in VAT has cost a couple with children £1800 over the last four years, according to the Treasury’s own figures Continue reading