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Measure aimed at capping salaries

Greens want top income tax rate of 60p to fund public services

Nathalie BennettThe Green Party wants the top rate of income tax to rise to 60% from its current threshold of 45%. It says the move would bring in a further £2 billion.

It was lowered from 50p by the Coalition Government and only affects the top 1% of earners whose salaries are above £150,000.

The Greens argue that raising the tax would act as a disincentive to companies paying excessively high salaries, though critics would argue that it would encourage boards to raise salaries to compensate for the higher tax deductions.

Natalie Bennett, the leader of the Green Party, said: “For too long now the economy in this country has worked for those at the top, while failing everyone else.

“The 60p tax will raise money to fund crucial public services, contributing towards the reversal of the failed policy of austerity that is making the poor, the disadvantaged and the young pay for the greed and fraud of the bankers.

“Only the Green Party are proposing radical changes which will redistribute wealth within our economy and encourage companies to reduce the gap between their highest- and lowest-earners.”

Labour and the SNP want to raise the top rate of tax to 50p. The Conservatives argue that the last time this happened it raised only a third of the £3 billion anticipated.

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