I’m indebted to Liberal Democrat MP Mike Crockart for demonstrating how successfully the Liberal Democrats in government have recalibrated the tax system so that low and middle earners are paying less tax while big companies are paying more.
His study of data on tax take shows that tax collected from low and middle income earners has fallen from £3170 million to £2720 million over the last 4 years thanks to the Liberal Democrat policy of raising tax allowances.
Meanwhile £16 billion more has been collected over the last two years from larger companies as a result of HM Revenue and Customs’ enforcement activity.
There is clearly much more to do in terms of ensuring that multinational companies pay a proper tax on their profits. It’s so important that we deliver a stronger economy with a properly financed public sector while ensuring a fairer society by taking some of the burden off low and middle earners, allowing them to keep more of what they earn.
Looking at the party rhetoric in the run-up to the General Election, only Liberal Democrats have the policies to deliver this balance.