Michael voted against the Government’s top rate tax cut, which is worth an average of £100,000 for those earning more than £1 million. At the same time families will be on average almost £1,000 a year worse off by next year as a result of tax and benefit changes since 2010.
Labour has pledged to overturn the £3 billion a year tax cut for people earning over £150,000 as part of its plan to balance the books in a fairer way in the next Parliament.
Commenting, Michael said:
“While thousands of working people in Barnsley have seen their taxes go up, millionaires have been given a huge tax cut. How can a tax cut for millionaires be the right priority when working people in Barnsley are still not feeling the recovery and the deficit remains high?
“Now the Government wants to cut tax credits again for millions of working families while keeping their huge tax cut for top one per cent of earners. As we’ve seen time and time again with this lot – they always stand up for a privileged few rather than hard working people.”
Labour used an Opposition Day debate in the House of Commons to highlight the unfairness of giving a £3 billion a year tax cut to people earning over £150,000, while working people are still seeing their living standards fall, and not feeling the recovery.
The average British household will be £974 a year worse off by 2015 because of tax and benefit changes introduced since 2010, according to figures from the independent Institute for Fiscal Studies.