New tax plans 'will help economy'

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New tax plans 'will help economy'

Mon 17th May 2010

Plans by the Liberal Democrat and Conservative coalition government to increase the tax threshold will help the economy, as well as leaving people with more money in their bank accounts.

This is the view of Matthew Elliot, chief executive of the Taxpayers' Alliance, who made his comments following the news that the income tax threshold is set to be raised to £10,000 from April 2011.

He claimed that the proposal is sure to leave more money in the wallets of taxpayers, but also support economic recovery in the country.

"The bad news for millions of people is that the new government isn't going to cancel the increase in employees' National Insurance," noted Mr Elliot.

In his opinion, it is also disappointing that the inheritance tax threshold has not been raised, since he says this would not lose the government much money.

Mr Elliot suggested the people that currently pay this levy are a combination of the "unwise and the unlucky".

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