Revenues From The 45 Pence Rate Of Income Tax

EDM number 965 in 2012-13, proposed by Robert Halfon on 23/01/2013.
Categorised under the topic of Taxation.

That this House notes newspaper reports that the top rate of income tax is expected to raise more money when it falls to 45 pence, not less, as fewer will avoid it; further notes that the Institute for Fiscal Studies and the Treasury have estimated that 7 billion was lost when the top rate was raised by the previous administration to 50 pence; concludes therefore that when the economy recovers, any extra revenues gained from the rich by the cut in the top rate should be used to pay for lower taxes on lower earners, for example by restoring the starter 10 pence rate of income tax; and finally notes that a new generous 10 penceband between 9,440 and 12,000 would be worth at least 250 annually to British workers, and would lift everyone on the minimumwage at least halfway towards earning the living wage in cash terms.

This motion has been signed by a total of 4 MPs.