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Reform plans for higher tax for top earners 'would raise £7.5m' per year

Reform plans for higher tax for top earners 'would raise £7.5m' per year

Monday 19 November 2018

Reform plans for higher tax for top earners 'would raise £7.5m' per year

Reform Jersey have put forward proposals to give two thirds of taxpayers a tax cut, while increasing the rate for top earners in order to raise what they say will be additional £7.5million each year for the States.

The party, which is chaired by Senator Sam Mézec, said that its amendment to the 2019 Budget was in line with pledges to reform the island’s tax system promised during the elections this year.

Their proposals would abolish the concept of ’20 means 20’ and allow all taxpayers to claim allowances. 

Crucially, they would also reduce the marginal rate of tax from 26% down to 25%, which they say would mean two out of three taxpayers would pay less tax, while the top 5% of the island’s earners would see the amount they pay go up.

Mezec 2.JPG

Pictured: Senator Sam Mézec, Chairman of Reform Jersey.

Speaking of the Budget amendment, which will be debated on 4 December, Senator Mézec said: “During the election, we pledged that if our members were elected, we would aim to make the Income Tax system simpler and fairer to reduce inequality. We believe the States needs to take action to deliver on our commitment to improving the standard of living for Islanders, and hope that members will be persuaded by our proposal to put more money in the pockets of ordinary Islanders, whilst asking those who have the broadest shoulders to carry more of the burden.

“Our proposals have been independently verified by the Treasury Department, who have confirmed that this would raise an extra £7.5m in revenue per year, which we would want to see invested back in our public services.”

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