George Osborne recently said,
Labour's secret spending plans, which Gordon Brown never wanted to make public, appear to reveal an income tax bombshell.
However, as Channel 4 News FactCheck reveal:
The figures Osborne quoted don't hide any secret tax-hike bombshell. They are the same numbers put out by the Treasury with the budget, in April.
So not secret.
What about those tax increases?
Some income tax increases, for big earners, were set out in the budget. The most headline-grabbing, a new, higher 50 per cent tax rate on earnings over £150,000 a year, is expected to raise £2.4bn, according to the Treasury's estimates.Taking away the tax-free personal allowance on high earners is also expected to bring in another £1.5bn.
Which is great, but accounts for just 3.9bn.
According to the figures Osborne released, gross income tax revenues are due to increase from £144.7bn in 2010-11, to £191.8bn in 2013-14; a £47bn, or 32.5 per cent, increase.
So, where does the rest come from? Forecast growth.
George Osborne is complaining about increased income tax revenues generated by taxing the rich and economic recovery whilst trying to make it appear as though there is a 'secret' plan for an 'income tax hike'. His crude attempt to mislead the electorate is an insult. George Osborne is an opportunistic liar.