Cameron Pledges Tax Cut for Middle Earners If Tories Win
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U.K. Prime Minister David Cameron pledged a 7-billion-pound ($11 billion) tax cut for people on middle incomes and the lowest paid if he wins next year’s general election, taking the fight to the Labour opposition that’s leading in the polls.
The premier said a re-elected Conservative government would raise the threshold for starting to pay the 40 percent rate of income tax to 50,000 pounds from about 41,900 pounds. He pledged to cut taxes for 30 million people and take 1 million out of paying income tax altogether by raising the starting point for the 20 percent basic rate, currently 10,000 pounds, to 12,500 pounds.