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The 50p rate "will raise funds to cut the deficit.
They argue that the 50p rate "punishes" wealth and entrepreneurship.
Ed Miliband recently said Labour would reintroduce the 10p rate.
So keeping the 50p rate is not just a policy to reduce the deficit?
Just four months later, at the next budget, the 50p rate was scrapped.
But he said the 50p rate introduced by the last Labour government was "spin over substance".
It looks the right may have been scaremongering again over the 50p rate.
With a Conservative government, we will raise the threshold at which people pay the 40p rate.
The abolition of the 10p rate sent shockwaves through Labour's core vote.
May 10 2008: Peter Mandelson says Brown made "a very big mistake" in scrapping the 10p rate.
The 40p rate threshold is to change leaving higher earners' tax unchanged.
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