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| Version 2 | Version 3 |
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| Lib Dems proposing £700 tax cut | Lib Dems proposing £700 tax cut |
| (about 3 hours later) | |
| The Liberal Democrats have said they want to cut the amount of income tax paid by most workers by £700 a year. | The Liberal Democrats have said they want to cut the amount of income tax paid by most workers by £700 a year. |
| The party proposes raising the threshold at which people start paying to £10,000, with all those earning under £100,000 paying less. | |
| BBC political editor Nick Robinson said this move replaced the commitment to cut the basic rate of income tax by 4p. | BBC political editor Nick Robinson said this move replaced the commitment to cut the basic rate of income tax by 4p. |
| Lib Dem leader Nick Clegg said "big businesses and millionaires" would make up the shortfall in revenue. | Lib Dem leader Nick Clegg said "big businesses and millionaires" would make up the shortfall in revenue. |
| It was "nonsense" to say cuts could not be brought in during a recession because a "tax switch" was "affordable", he said. | It was "nonsense" to say cuts could not be brought in during a recession because a "tax switch" was "affordable", he said. |
| Lib Dem Treasury spokesman Vince Cable said this could be "fully funded by closing tax loopholes and cracking down on tax avoidance". | |
| 'Targets' | 'Targets' |
| The party says that raising the personal allowance to £10,000 for all people will mean an effective tax cut of £705 to anyone earning over that amount. | |
| Mr Clegg said: "The Liberal Democrats are proposing a permanent, £700 tax cut for almost every worker in Britain by raising the income tax threshold. | Mr Clegg said: "The Liberal Democrats are proposing a permanent, £700 tax cut for almost every worker in Britain by raising the income tax threshold. |
| "No one will pay tax on the first £10,000 they earn. We are proposing a £17bn tax switch away from ordinary working people and on to the big businesses and millionaires who've benefited for decades from unfair loopholes and exemptions." | "No one will pay tax on the first £10,000 they earn. We are proposing a £17bn tax switch away from ordinary working people and on to the big businesses and millionaires who've benefited for decades from unfair loopholes and exemptions." |
| These plans will give money back to the people who really need it at the time when they need it most Nick Clegg, Lib Dems | These plans will give money back to the people who really need it at the time when they need it most Nick Clegg, Lib Dems |
| Among current government spending commitments, Mr Clegg said the UK's military role could be reconsidered, along with government "targets" such as getting 50% of young people into higher education. | |
| Other outgoings to be looked at could include the Child Trust Fund, he added. | Other outgoings to be looked at could include the Child Trust Fund, he added. |
| Under a Lib Dem government, measures aimed at increasing revenue would include tackling stamp duty avoidance and subjecting "benefits in kind" to National Insurance. | Under a Lib Dem government, measures aimed at increasing revenue would include tackling stamp duty avoidance and subjecting "benefits in kind" to National Insurance. |
| Aviation taxes should be levied per plane, rather than per passenger, Mr Clegg said. | Aviation taxes should be levied per plane, rather than per passenger, Mr Clegg said. |
| He said: "These plans will give money back to the people who really need it at the time when they need it most. | He said: "These plans will give money back to the people who really need it at the time when they need it most. |
| "It is time to end the unfairness that sees big businesses and the wealthy treating taxes as something to be easily avoided, leaving everybody else to pay out. | "It is time to end the unfairness that sees big businesses and the wealthy treating taxes as something to be easily avoided, leaving everybody else to pay out. |
| "For too long governments have been letting companies stash their money in offshore tax havens while taxpayers are left to foot the bill. | "For too long governments have been letting companies stash their money in offshore tax havens while taxpayers are left to foot the bill. |
| "Over time a tax system has developed that creates loopholes for the wealthy and does nothing for those who really need help. | "Over time a tax system has developed that creates loopholes for the wealthy and does nothing for those who really need help. |
| "People who say there isn't enough money to make our tax system fair are wrong. Our plans wouldn't add a penny to the overall tax burden, but they would spread that burden far more fairly." | "People who say there isn't enough money to make our tax system fair are wrong. Our plans wouldn't add a penny to the overall tax burden, but they would spread that burden far more fairly." |
| The Lib Dems have previously had a commitment to cut the basic rate of income tax by 4p. | The Lib Dems have previously had a commitment to cut the basic rate of income tax by 4p. |