James Brokenshire has given his support for Conservative plans to lift an estimated 3,650 of the lowest paid in Old Bexley & Sidcup out of tax altogether and allowing everyone to keep more of the money they earn.
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 nationally.
This builds on action the Government has already taken 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.
Commenting on these tax proposals, James said:
‘This Government has shown that by cutting taxes, you stimulate the economy, create jobs and let people keep more of their hard-earned money. Income tax has been reduced at the same time as the Government has made progress on reducing the deficit. A future Conservative government will take this even further, lifting 1million more of the lowest paid out of tax, as well as allowing everyone to keep more of the money they earn.