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Clegg calls for 'tycoon tax'

Clegg calls for 'tycoon tax'
Labour have hit out at Nick Clegg's calls for tax fairness, with Shadow Treasury Minister Chris Leslie saying few people would believe Mr Clegg's "latest bluster".

In an interview with the Daily Telegraph, Mr Clegg suggested that there should be a change in the law to ensure Britain's highest earners pay a minimum rate of tax on their annual earnings.

Mr Leslie said: "He is negotiating how to cut the 50p top rate of tax for the richest one per cent while slashing tax credits by £73 per week for working couples on the minimum wage. And he is the man who campaigned against a regressive rise in VAT but then announced a VAT hike just weeks after becoming Deputy Prime Minister."

Speaking to Sky News, Nick Clegg insisted it was important to be "increasingly aggressive" in closing up tax loopholes.

The so-called 'tycoon tax' is likely to win support from Liberal Democrat supporters, with the Deputy Prime Minister saying that the rich often pay a tax rate of less than 20% on their earnings by using “an army of lawyers and accountants”.

However, writing in the Financial Times Conservative MP David Davis has urged George Osborne to “bite the bullet and go for growth” and face down the Liberal Democrats and their "populist ideas".

Writing in the Independent, Danny Alexander has said the Government is moving “further and faster” towards raising the tax-free allowance for low earners to £10,000.

In line with this tax policy advocated by Mr Alexander, at their Spring Conference the Lib Dems passed motions to; raise the tax allowance to a level implied by full-time work on the minimum wage, keep the 50p tax rate and support a global financial transaction tax.

Green Box: Clegg calls for 'tycoon tax'Click to open

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