Opposition Day— [9th Allotted Day]: Income Tax
I beg to move,
That this House believes it is a mistake to reduce the top rate of income tax at a time when working people, who are on average £1,600 a year worse off since 2010, are not feeling the recovery and while the deficit also remains high; notes that figures from the Institute for Fiscal Studies show that, by next year, households will be on average £974 a year worse off because of tax and benefit changes since 2010; believes that a fair plan to balance the books would reverse the cut in the top rate of income tax, which is worth £3 billion a year for the top one per cent of earners, for the next Parliament, and introduce a lower 10p starting rate of tax; and calls on the Government to rule out a further reduction in the top rate of income tax on earnings over £150,000 a year.