High Peak Liberal Democrats

Commenting on Ed Miliband and Ed Balls' press conference on tax this morning, Liberal Democrat Treasury Spokesperson, Stephen Williams said:

"Labour only introduced the 50p rate as the last, desperate act of a discredited government. They hit low-income workers by scrapping the 10p tax rate. And Labour cut Capital Gains Tax for millionaires every year while the Coalition has increased it.

"Liberal Democrats have cut taxes for working people by more than £500 a year compared to Labour so far and already lifted more than 2m people of the poorest workers out of paying Income Tax all together.

"Ed Milband needs to explain to his constituents in Doncaster why it took the Coalition Government to take more than 10,000 of them out of paying tax all together.

"Liberal Democrats are cutting taxes for the lowest-paid people so we will take no lessons from the Labour Party."

Labour cut income tax for millionaires every year until the final month while someone earning only £8,000 had an income tax rise of £50 when Labour abolished the 10p tax. From April 2012, they have paid no Income Tax at all.

In this Parliament under the Coalition, a millionaire will pay £381,000 more tax on their income (income tax and NICs) than they did under Labour in the last Parliament

Labour cut Capital Gains Tax for millionaires every year. We have increased it.