The Liberal Democrats have launched their manifesto for the 2010 General Election, announcing that anyone earning under £10,000 would pay NO income tax under a Lib Dem government.
Liberal Democrat leader Nick Clegg said the huge tax break would be paid for by:
- Charging an annual 1% levy on houses worth over £2 million
- Halving tax relief on pension contributions for high earners
- More than doubling Capital Gains Tax to 40%
- Slashing the Capital Gains tax free allowance
He claimed this would raise almost £17 billion, allowing them to raise the basic income tax threshold to £10,000 and benefit 3.6 million low earners.
Potentially brilliant for a huge number of workers – a shame though, that the Lib Dems have little chance of coming to power…
