We want the Government to change income tax rates to the following: Personal Allowance - Up to £14,570, 0% Basic rate - £12,571 to £50,270, 12% Higher rate - £50,271 to £125,140 20% Additional rate over - £125,140, 25%
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We believe reducing income tax rates will help spur economic growth. By doing so, this will give people more after-tax income that could be used to buy more goods and services, which increases the gross domestic product (GDP).
Further, reduced tax rates may boost savings and investment, which could lead to further production and reduced unemployment.