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Lib Dems would tax rich, confirms Clegg

Nick Clegg has said that The Lib Dems would increase taxes for high earners if they are to win May’s General Election.

Appearing on Andrew Marr’s BBC show, Clegg said that to reduce the deficit, the Government would be looking to implement a few changes, such as coming down harder on tax avoidance and tax evasion.

He said:

“There need to be some additional savings but not nearly on the totally implausible scale the Conservatives have said in the welfare budget and there will need to be some tax increases as well which fall on the wealthiest in society.”

Whilst such a policy may be a popular one with voters, President Obama implemented a similar move in the US that the Republicans heavily criticised. The President is planning to implement a strategy to acquire $300 billion (£197 billion) to assist in financing further tax credits for the middle class.

The largest finance companies in the US – those with over $50 billion worth of assets – will be forced to pay an additional fee. However, strong opposition can be expected in light of congress’ hyper-focus on its fiscal policy.

Any measures implemented by Clegg to combat tax evasion will certainly prick the ears of those who have been less than honest with any numbers they have submitted in the past. However, those individuals and businesses more apt to walk an honest road would be advised to keep a closer eye on things, to ensure that everything they submit is up to date and accurate. The services of a UK accountant, from the Wirral to Woking, might just be a step in the right direction.

Posted by Peter
January 23, 2015
Tax

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