?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.title=Labour's+proposals&rft.creator=Brewer%2C+M.&rft.creator=Wakefield%2C+M.&rft.description=Election+Briefing+Note+5+shows+how+households+have+been+affected+by+Labour's+tax+and+benefit+reforms.+This+Election+Briefing+Note+discusses+further+tax-benefit+reform+that+Labour+proposes+to+introduce+if+re-elected.+The+first+section+discusses+three+%22credits%22+the+government+is+proposing+to+introduce+-+the+integrated+child+credit%2C+the+pension+credit+and+the+employment+tax+credit.+We+analyse+their+likely+effect+on+household+incomes+and+how+much+each+would+cost+to+introduce.%0D%0A%0D%0AThe+new+credits+represent+developments+of+tax-benefit+reforms+implemented+in+the+last+Parliament%2C+but+Labour's+manifesto+also+contains+proposals+for+%22asset-based%22+welfare%2C+which+would+represent+more+of+a+new+departure.+In+particular%2C+the+party+plans+to+introduce+two+new+policies+-+the+Child+Trust+Fund+and+the+Saving+Gateway.+Both+are+targeted+towards+low-income+households+and+provide+financial+assistance+in+the+form+of+assets.+This+method+of+asset-based+welfare+delivery+contrasts+with+(and+is+intended+to+complement)+the+traditional+approach+of+providing+social+security+benefits+as+income+supplements.+Section+2+considers+some+of+the+arguments+for+and+against+the+proposed+new+approach.%0D%0A%0D%0AFinally%2C+we+consider+Labour's+approach+to+income+tax.&rft.publisher=Institute+for+Fiscal+Studies&rft.date=2001-05&rft.type=Report&rft.language=eng&rft.source=++++(IFS+Election+Briefing+Notes++EBN09++).+Institute+for+Fiscal+Studies%3A+London%2C+UK.+++++&rft.format=application%2Fpdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F14869%2F1%2F14869.pdf&rft.identifier=https%3A%2F%2Fdiscovery.ucl.ac.uk%2Fid%2Feprint%2F14869%2F&rft.rights=open