UK Opposition Would Hike Individual Income Taxes
UK opposition party Labour has said in an election pledge that it would increase taxes on those earning more than GBP80,000 (USD103,593) a year but freeze taxes for those below this threshold.
Currently those earning between GBP11,501 and GBP45,000 pay income tax at 20 percent, those earning between GBP45,001 and GBP150,000 pay 40 percent, and those earning more than GBP150,000 pay 45 percent.
Meanwhile, the Liberal Democrat Party, which is third in the polls, said it would increase income tax rates by one percent to increase funding for the National Health Service (NHS).
The two parties lag behind the Conservative Party, which is expected to win the snap election scheduled for June 8. Both the Conservatives and Labour have already ruled out an increase to value-added tax.