Labour leader Jeremy Corbyn will today brand the Conservatives “the party of prejudice” as he officially unveils his manifesto.
Companies would be charged 2.5 per cent on the earnings in excess of £330,000 and five per cent on pay packets of more than £500,000, the Guardian reported last night.
For a senior executive earning £1m, a company would pay an extra tax of around £25,000.
The levy would be charged on all earnings including shares, bonuses and pensions.
Corbyn will launch his election plans in Bradford nearly a week after a draft was leaked to the press.
And the Labour leader, who earlier claimed to offer a “kinder, gentler politics”, will use the occasion to launch a stinging attack on Theresa May’s Conservative party.
“The Tories are still the nasty party,” he will say. “The party of prejudice, the party of the rich, the party of the tight-fisted and the mean-spirited.”
It comes after the full scale of Labour’s plans for a tax raid on high earners emerged.
A senior shadow minister confirmed that Corbyn’s party hopes to raise £4.5bn. Corbyn is today poised to confirm a 45 per cent tax rate that those on more than £80,000 will pay, and some senior shadow ministers have hinted at another higher 50 per cent rate.
Last week, the party vowed to protect anyone earning less than £80,000 from tax rises, and said increases would affect only five per cent of workers.
Shadow health minister Jon Ashworth yesterday told BBC Radio 4, that “every penny piece” raised would go into the NHS.
Chief secretary to the Treasury, David Gauke said of Corbyn’s plan: “His economic ideas are nonsensical, his views on national security indefensible...Jeremy Corbyn has made so many unfunded spending commitments it is clear that Labour would have to raise taxes dramatically because his sums don’t add up..”
In the 2015 election, the party campaigned to increase the current 45 per cent tax for workers earning more than £150,000.