Current Affairs The Conservative Party

Status
Not open for further replies.
Turkeys voting for Christmas alert. Just the people who the Tories would have happy to see die from Covid. Stupid, stupid idiots.


F_hc-yhWsAAiQDL
 
BBC Chief Economics Correspondent:

Don’t be fooled by the tax cuts.

The tax burden - the percentage of the nation's income going to the taxman - is still set to rise to a post-war high, according to the Office for Budget Responsibility (OBR).

It says the largest contribution to that is the freezing of most income tax thresholds, so they don’t rise with inflation.

That so-called fiscal drag (the "drag" comes from people being dragged into higher tax brackets than they otherwise would have been) will net the Treasury £45bn by 2029 and create four million new income tax payers, according to the OBR.

Compare that £45bn gain to the cut in the main National Insurance Contribution rate - which will cost the treasury £10bn.

In effect, that tax cut is being funded by raiding our paycheques.
 
Status
Not open for further replies.

Welcome

Join the Everton conversation today.
Fewer ads, full access, completely free.

🛒 Visit Shop

Support Grand Old Team by checking out our latest Everton gear!
Back
Top