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Dominic Raab vows to slash taxes by £460 for millions of low-paid Brits with National Insurance shake-up
DOMINIC Raab promised to slash tax for millions of low-paid Brits by £460 today - with a National Insurance shake-up.
Mr Raab went to war with Boris Johnson over tax cuts today as he kicked off his campaign to be the next Tory leader.
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The wannabe PM lashed his biggest rival for promising big tax cuts only for middle class Brits and not helping poorer voters.
Instead he vowed instead to help less well off Brits by slashing the amount of National Insurance contributions they have to pay.
He has also said he will cut the basic rate of income tax by 1 per cent a year until it reaches 15 per cent from its current 20 per cent.
Mr Raab says it would save the average worker £640 a year by raising the national insurance contribution threshold from £8,628 to £12,500 and by cutting income tax.
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But according to tax experts at Blick Rothenberg, if your take home pay is £30,000 you could save an even bigger £1,339 a year thanks to Dominic Raab's national insurance cuts and his 15 per cent rate of basic income tax.
See the table above for some examples.
Mr Raab warned Boris' move to raise the 40p tax threshold from £50,000 to £80,000 would backfire by fuelling accusations the Tories are the party of wealth and “privilege”.
This risks paving the way for hard-left Jeremy Corbyn to snatch the keys to No10, he warned.
Speaking at his launch in Westminster, Mr Raab said: “I think this is a time for change, I think I offer a bison of change for a fairer economy.
“My tax cuts help the very poorest in work.”
He added: “Think about what it looks like for the next Prime Minister going into those Labour marginal seats.
“I’d much rather be going in there saying I’m going to cut taxes for he lowest paid than succumbing to what would inevitably look like the caricature that we are the party of privilege and only help the wealthy.
“I don’t think anyone would be able to say that about me.”
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