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Member of Parliament for Bradford East@DavidWardMP on Twitter and Facebook |
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Member of Parliament for Bradford East@DavidWardMP on Twitter and Facebook |
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Today, many of the nearly 900,000 people who have been lifted out of paying Income Tax and the 23m basic-rate tax payers who have received a £200 tax cut will receive their first pay cheques since the changes came in.
The Income Tax threshold, the point from which people start paying their taxes, has been raised by £1,000 to £7,475.
This increase is the first step toward the Liberal Democrat commitment to raise the Income Tax threshold to £10,000, with a further rise of the threshold due in 2012.
In Bradford, this is expected mean around 7,900 will no longer have to pay Income Tax and a further 166,000 will get their first cheque with an increase in take-home pay.
Commenting, David Ward said:
"At a time when people are worried about their personal finances, this tax cut will help millions of people.
"Today, 166,000 in Bradford will have their first pay cheque with a little extra thanks to the Liberal Democrat tax cut.
"One way we are paying for this is by taxing the banks more, £10bn more, so they pay their share."
Commenting further, Deputy Prime Minister and Liberal Democrat Leader, Nick Clegg said:
"Today, when millions of people on low and middle incomes look at their pay packet, they will find they have a little bit more in it because of the Liberal Democrats.
"This tax cut comes straight from the front page of our manifesto to the back pockets of millions of taxpayers.
"These are difficult times, but the Liberal Democrats are helping to make life a little easier for people who want to see their hard work rewarded.
"This month, Liberal Democrats lifted nearly 900,000 of the poorest workers out of paying Income Tax altogether and gave a £200 cash tax cut to 23m people.
"This is just the first instalment. In last month's Budget we ensured that next year even more people will be lifted out of tax with a further tax cut for millions more people."
ENDS
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