Closed petition Rethink 2015 budget priorities: raise £10 billion but not from working families

Closed on 20 April 2016

The political choice to cut tax credits raises £10b from working families by 2020. There is an alternative. £10b can also be raised by not changing inheritance tax (£1b), corporation tax (£2.5b), personal allowance (£4b) & stamp duty (£0.8b) stable & not raising higher rate threshold to £50k (£2b).

This alternative package better targets unearned income and wealth, and affects those more able to pay such as those who own shares, receive large inheritances and pay the higher rate of income tax - sparing struggling British working families on middle and lower incomes.

Sources: Treasury, IFS, analysis by Jolyon Maugham.