In the new Spectator, we back the Liberal Democrats’ plans to raise the tax threshold to £10,000 — provided that the money is found by cuts in state spending rather than the pensions raid they propose. It’s not top of my list of tax cuts, but we have to accept the realpolitik. It’s the only tax-cutting option that has advocates in the Treasury.
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There are plenty of proposals around to cut taxes and wake the British economy from its ‘lost decade’ slumber. The need to use tax cuts as a remedy to the deficit will be familiar to anyone who has followed the American presidential debate: every candidate, even Romney, has their own list of radical tax cuts. The basic concept which JFK outlined in 1962 (speech here)
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