Last night Ed Balls admitted he would drag more basic rate taxpayers into the 40p tax rate as part of Labour’s £3,028 tax hike on working families.
This tax rise would mean teachers, nurses, and police officers paying income tax at 40 per cent, rather than the 20 per cent they pay now.
Commenting, George Osborne has said:
‘Ed Balls has let the cat out of the bag and confirmed a tax assault on middle earners. He has confirmed that he and Ed Miliband will put up taxes on middle Britain. It is part of Labour's £3,000 tax rise for working families.
‘By contrast, the Conservative plan is to increase to £50,000 the threshold at which people pay the higher rate of tax. So there is a clear choice.
‘Economic security and lower taxes with David Cameron and our long-term economic plan. Or economic chaos and higher taxes under Ed Miliband.
‘Ed Miliband’s Labour Party haven’t learned their lesson – they crashed the economy last time by borrowing, spending and taxing too much, and they’d do it all again.’
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