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ROGER WILLIAMS MP BACKS LIB DEM TAX PLANS TO STIMULATE ECONOMY
November 24, 2008 9:15 AM
Roger Williams, MP for Brecon and Radnorshire and Liberal Democrat Shadow Secretary of State for Wales, has backed the Liberal Democrats' tax plans to stimulate the economy whilst also helping low and middle income families through the current economic crisis.
Mr Williams said:
"We are proposing a 4p in the lowest rate of income tax to bring the rate down to 16p in the Pound rather than the current level of 20p.
"These tax cuts, unlike those proposed by the Government, will be properly funded through reducing the higher rate of tax relief on pension contributions, a change to capital gains tax to ensure that bosses no longer pay less than their cleaners in income tax and the introduction of some green taxes.
"People on low and middle incomes need tax cuts now to help them through winter and particularly the Christmas period.
"We have already seen a deep cut in interest rates to lower the cost of borrowing and this must be backed up by tax cuts to stimulate the economy."
"In addition we are proposing a fiscal stimulus package through public investment in social housing, rail projects and environmental works such as street by street home insulation."
NOTES:
The attached picture shows Roger Williams MP and Vince Cable MP, Liberal Democrat Shadow Chancellor.
Liberal Democrat plans would reduce basic rate income tax by 4p in the pound, giving nearly £1,000 back to a worker on £30,000 a year. This would be funded by closing tax loopholes enjoyed by the very wealthy and by increasing some green taxes.
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