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Fox joins calls for tax cuts
Liam Fox has joined the calls for tax cuts to be included in the Chancellor’s Budget next month.
Writing for Wednesday’s Financial Times, the former Defence Secretary argues for a reduction in employers’ national insurance contributions across the board, to be paid for by spending reductions.
Dr Fox also acknowledges that Lib Dem calls for an increase in the income tax threshold may be necessary as part of the Coalition agreement. David Laws has this evening reiterated the advantages of such a move, writing in the Guardian that “the case for bringing forward tax cuts is overwhelming”.
Speaking on Newsnight yesterday, the Former Chief Secretary to the Treasury predicted that household incomes would rise for first time in four years if the Coalition cuts taxes for low earners.
“Now that we’re seeing inflation this year on a firm downward track, that gives us the opportunity, if we can make these other reductions in taxation by increasing the income tax thresholds….that gives us the opportunity of ending the austerity on households budgets and allowing the budgets of most people, the household budgets of most people, to start expanding again from later on this year into next year.”
The Lib Dem confirmed he wanted to fund the move by cutting higher rate pension tax relief.
Writing for Wednesday’s Financial Times, the former Defence Secretary argues for a reduction in employers’ national insurance contributions across the board, to be paid for by spending reductions.
Dr Fox also acknowledges that Lib Dem calls for an increase in the income tax threshold may be necessary as part of the Coalition agreement. David Laws has this evening reiterated the advantages of such a move, writing in the Guardian that “the case for bringing forward tax cuts is overwhelming”.
Speaking on Newsnight yesterday, the Former Chief Secretary to the Treasury predicted that household incomes would rise for first time in four years if the Coalition cuts taxes for low earners.
“Now that we’re seeing inflation this year on a firm downward track, that gives us the opportunity, if we can make these other reductions in taxation by increasing the income tax thresholds….that gives us the opportunity of ending the austerity on households budgets and allowing the budgets of most people, the household budgets of most people, to start expanding again from later on this year into next year.”
The Lib Dem confirmed he wanted to fund the move by cutting higher rate pension tax relief.
Green Box: Fox joins calls for tax cutsClick to open
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