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The Greens have promised tax increases on Britain’s top earners in their manifesto, claiming the plans would raise £70 billion a year to fix “broken Britain”.

On Wednesday, the party will unveil “groundbreaking” changes to housing, transport and the green economy.

The plans include raising the national insurance rate to 8% for annual wages over £50,270 – the equivalent of an additional £283.74 in taxes per year for someone earning £55,000.

Party leader Andrian Ramsay said the Greens were the “only party that is honest” about the scale of the changes needed to solve the climate crisis, housing and public health.

Speaking before the manifesto was released, Ramsay said the party wanted to end the “silence” on tax issues by creating a fairer system and asking those with the broadest shoulders to pay more.

The party will also set out details of a programme for a green economic transition that aims to modernise homes across the UK, making them warmer and more cost-effective through greater energy efficiency.

To finance its plans, the party has proposed a new wealth tax, which would impose a one percent tax on all assets declared in tax returns valued at over £10 million and a one percent tax on all assets valued at over £1 billion.

They would also reform the NI system.

Currently, in the 2023/24 tax year, employees pay no national insurance contributions on earnings up to £12,570, 8% on earnings between £12,570 and £50,270 and 2% on earnings over £50,270.

According to the Greens’ plans, the tax rate of 8 percent should be paid on all wages above the earnings limit.

The Greens also stated that they:

  • Introduce a carbon tax on companies, starting at £120 per tonne of emissions and rising to £500 per tonne over ten years, to encourage companies to decarbonise.
  • The 75% tax on profits from the fossil fuel industry is to be extended to banks to raise an additional £9 billion annually.
  • Adjust the capital gains tax to the income tax brackets.

In addition, the party promises not to make any further increases in key corporate tax rates.

The Greens’ clear tactic since the beginning of this election campaign has been to portray Labour as too similar to the Conservatives.

Before the election campaign, Ramsay said: “Labour and the Conservatives would rather keep their plans for public service cuts secret than face up to the need for a fairer tax system that demands more from the broadest shoulders – including the richest in society, who have become even richer over the last 14 years.”

“With more Green MPs in Parliament, we will prevent Labour from going back on any more of its promises.

“We will push them to be bolder and more ambitious and to actually do what it takes to fix our broken country and get us back on track.”

The Greens plan to field candidates in every constituency in England and Wales in the July 4 election, but the party will focus its efforts on four seats it believes are winnable.

Separately, the Green Party confirmed the resignation of four candidates after launching an investigation into reports of anti-Semitic or extreme comments.

The Scottish Greens are an independent party.

The manifesto launch will take place in Brighton and Hove, the constituency from which the only Green MP, Caroline Lucas, comes and which is a key target of the party.

Sian Berry, the party’s candidate for the constituency, said: “The time for half measures and empty promises is over. Only the Greens offer real hope and real change in this election.”

BBC News will cover the manifesto launch live, including asking the party questions at a press conference and analysing the details of its plans.

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