Discuss - Economy Income Tax - 50% tax rate for those earning over £150,000

Should those earning more than £150,000 a year pay a 50% tax rate?

Conservative The Conservative party have said that restoring the 50% tax rate on those who earn more than £150,000 would "put economic recovery at risk". Source: BBC http://www.bbc.co.uk/news/uk-25894312

Green Party The Green Party would introduce a new higher rate of income tax at 50% for those earning more than £100,000 per year, according to their manifesto. The party claim that this would raise an additional £2.3bn each year towards the economy. The party would also consider a wealth tax on individuals with assets above £3,000,000. Source: http://en.wikipedia.org/wiki/Green_Party_of_England_and_Wales#Policy

Labour We will ensure that the burden is fairly shared by restoring the 50p rate on incomes over £150,000, while helping those on middles and lower incomes by introducing a lower 10p starting rate of tax. Source: Labour Party Manifesto, http://b.3cdn.net/labouruk/89012f856521e93a4d_phm6bflfq.pdf

Liberal Democrat "Last September, Lib Dem conference voted – by a wafer-thin margin of just 4 votes – to reject a 50p top-rate of tax. " Source: http://www.libdemvoice.org/what-lib-dem-members-think-about-toprate-tax-53-back-50p-or-higher-but-only-if-it-raises-more-revenue-39648.html

Plaid Cymru "Plaid Cymru believes that the tax system should be genuinelyprogressive with those earning above £100,000 subject to a 50% tax rate." Source: Plaid Cymru discussion paper, http://www.english.plaidcymru.org/uploads/Recover_Reform_Renew.pdf

Respect Party Respect believes in progressive taxation, meaning that the more you earn, the more you should be expected to contribute to society. Source: http://www.respectparty.org/national/end-economic-inequality/

SNP "FINANCE secretary John Swinney last night refused to guarantee that an SNP government in an independent Scotland would impose a 50p income tax rate for the highest earners. However, he said the SNP would support the reintroduction of the top rate for those earning £150,000 or more if it was brought forward in Westminster". Source: Scotsman, Jan 2014 http://www.scotsman.com/news/uk/scottish-independence-no-snp-50p-tax-pledge-1-3282990

UKIP Party leader Nigel Farage said that "UKIP would also make the 40p rate the top rate of tax, which people would start to pay once they earned £45,000." Source: BBC http://www.bbc.co.uk/news/uk-28876122

Comment on this topic