Thursday, 20 November 2014

Stephen Metcalfe MP: Conservatives could take 4860 hardworking taxpayers in South Basildon and East Thurrock out of income tax

Local MP Stephen Metcalfe has welcomed new figures showing that Conservative plans for further cuts to income tax would take an estimated 4860 low-earners out of paying income tax altogether in South Basildon & East Thurrock, making hardworking taxpayers more financially secure.

A future Conservative Government has committed to tax cuts for 30 million people by raising the personal allowance to £12,500 and raising the threshold at which people pay the 40p rate of tax to £50,000 by 2020. The personal allowance increase would also take one million low-earners out of paying income tax.

This builds on action the Conservatives have already taken in Government to cut income tax. The personal allowance has already risen to £10,000 since 2010, meaning the typical taxpayer is paying £705 less in income tax, and over three million have been taken out of income tax altogether. This will rise again to £10,500 from next April.

Stephen Metcalfe commented: “As Conservatives we believe strongly that the best way to make families more secure is to let people keep more of what they’ve worked hard to earn, and that it’s morally wrong for politicians to go around spending hardworking taxpayer’s money like it grows on trees.

That’s why in Government we’ve been cutting income tax at the same time as reducing the deficit. This is great news for families across Basildon and Thurrock, bringing further financial security.

The Conservative’s plans would take a million people out of paying income tax, and mean no one working 30 hours a week on the minimum wage would pay any income tax.”