There’s a tax bombshell hidden in the Conservative manifesto and it’s bad news for all of us

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Theresa May could be trying [pdf] to sneak a tax bombshell into the Conservative manifesto. Unlike Labour, which is pledging that any tax increases will only affect the richest 5%, May is determined to keep punishing the poorest.

Tax breaks for the rich

The manifesto [pdf] claims that:

The Conservatives will always be the party that keeps tax as low as possible and spends the proceeds responsibly.

But what that means is that it wants to keep taxes as low as possible for the rich. The party plans to raise the higher rate income tax threshold from £45,000 to £50,000, meaning those earning more will pay less tax.

And it still plans to drop corporation tax to 17% by 2020. According to the manifesto, this will give the UK the lowest corporation tax of any developed country. And, in doing so, make the UK a haven for wealthy businesses, while the rest of us suffer.

But what’s missing

But as always the devil is in the detail. And while the manifesto [pdf] promises no rise in VAT, it has dropped its 2015 pledge not to raise National Insurance – a tax hike which could see millions of people out of pocket.

The choice on 8 June is increasingly clear. Vote Labour and a party that promises tax increases only for the top 5%. Or vote Conservative and vote for wealthy elites and big business taking even more money from our pockets.

Read on...

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