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REVENUES FROM THE 45 PENCE RATE OF INCOME TAX

EDM (Early Day Motion) 965: tabled on 23 January 2013

Tabled in the 2012-13 session.

This motion has been signed by 4 Members. It has not yet had any amendments submitted.

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

Motion text

That this House notes newspaper reports that the top rate of income tax is expected to raise more money when it falls to 45 pence, not less, as fewer will avoid it; further notes that the Institute for Fiscal Studies and the Treasury have estimated that 7 billion was lost when the top rate was raised by the previous administration to 50 pence; concludes therefore that when the economy recovers, any extra revenues gained from the rich by the cut in the top rate should be used to pay for lower taxes on lower earners, for example by restoring the starter 10 pence rate of income tax; and finally notes that a new generous 10 penceband between 9,440 and 12,000 would be worth at least 250 annually to British workers, and would lift everyone on the minimumwage at least halfway towards earning the living wage in cash terms.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

There are no withdrawn signatures for this motion.