The Assembly Opposition Leader is expected to say that he'd cut the 40% income tax rate if he were part of a future Welsh Government with tax-varying power. In a speech later, Andrew RT Davies is to say that cutting the rate for people who earn over £34,000 a year, would encourage business growth.
It cannot be right that just 1 in 16 people in Wales earn more than £34,000. It cannot be right either that the average salary is just £19,000 and whilst over a million people in Wales have been given a tax cut and a further 60,000 people have been taken out of tax altogether because of action taken by the coalition government, I believe there is more that can be done.
This is why, if some elements of income tax are devolved, it would in my view be necessary to look at a period of reduced taxation for the entrepreneurial, whether private or public sector - those paying the 40% tax rate.
This would not only send out a strong sign to business in competing regions of the UK, but it would spell out that Wales is well and truly open for business.
Welsh Conservatives say such a move would benefit 89,000 people who earn more than £34,000 a year and would cost between £12m-£16m. And they say it would complement UK Government efforts to make sure the lowest earners pay less or no tax.
The Welsh Liberal Democrats have previously said they'd cut the basic rate by 2p. But any change would be a long time coming. Although the Silk Commission into further devolution recommends that part of income tax should be devolved, it says that should only happen if voters agree in a referendum.
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