Higher tax rate to hit 750,000 more people, says IFS

sparky

Authoritarian
Staff member
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Three-quarters of a million more people are set to become higher-rate taxpayers in April, according to a leading economic research body.
About 750,000 people will start paying the higher 40% income tax rate on their earnings

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from 5 April, says the Institute for Fiscal Studies (IFS).
The threshold at which the higher rate kicks in is to be £35,001, down from £37,400 this financial year.
Chancellor George Osborne told the BBC he had to make hard economic decisions.
Speaking to the Politics Show on Sunday Mr Osborne said no politician liked cutting spending and increasing taxes, but he was trying to clear up the "mess" Labour had left.
He added: "I feel every day a huge responsibility to get these decisions right for Britain."
The IFS estimates the average household will be £200 a year worse off as a result of tax increases and benefit cuts.
From the start of the next tax year, the government is also increasing the main rate at which National Insurance is charged.
However, the IFS also says half a million people will no longer pay income tax, following the £1,000 increase in the amount people can earn tax-free being raised to £7,475.




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46traveller

Member
Same old, same old, anybody else notice the excuses used by both main parties to justify increases ? They always have to "Clean Up The Mess left by others", it's never their fault. Now we've got a 20% Vat rate, fuel prices about to jump to a level which will push those on limited income (pensioners etc) living in remote areas off the road. I think the great British stiff upper lip has had its day, we need to behave a little more like the French, Tunisians and Egyptians, don't just leave it to the students to demonstrate. Let's face it, with email and even the fantastic never to be replaced pen and paper, we can all mail our MPs with our thoughts and grievances on local and national policies. You don't have to march, all it needs is a concentrated effort to let Andrew George, or whoever is your MP, know your honest feelings on the state of the nation, and in particular Cornwall. Please don't leave it to others, join a growing mass of folk who are taking this action. At least you will be able to tell your children that you tried, and didn't just sit back and get shafted.

You were born an individual, don't die a copy.
 
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