{"id":119463,"date":"2023-10-20T10:10:06","date_gmt":"2023-10-20T10:10:06","guid":{"rendered":"https:\/\/blogcamlodipine.com\/?p=119463"},"modified":"2023-10-20T10:10:06","modified_gmt":"2023-10-20T10:10:06","slug":"jeremy-hunts-stealth-tax-hitting-hard-working-britons-savings-and-income","status":"publish","type":"post","link":"https:\/\/blogcamlodipine.com\/politics\/jeremy-hunts-stealth-tax-hitting-hard-working-britons-savings-and-income\/","title":{"rendered":"Jeremy Hunts \u2018stealth tax\u2019 hitting hard-working Britons savings and income"},"content":{"rendered":"

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An expert claims Chancellor Jeremy Hunt\u2019s \u2018stealth tax\u2019 is failing to raise tax thresholds hitting the savings and income of hard-working Brits.<\/p>\n

By not raising tax thresholds in line with inflation or wage rises, it brings more people into realm of basic tax at the bottom but also puts more people into the higher rates of 40 and 45 per cent.<\/p>\n

Writing in This is Money editor Simon Lambert said the freeze on tax thresholds had stopped \u201cbeing stealthy\u201d.<\/p>\n

Mr Lambert observed: \u201cThe trick that Jeremy Hunt and previous Tory Chancellors have been up to for years is failing to raise tax thresholds in line with inflation or wages.<\/p>\n

\u201cDoing this pulls more people at the bottom into basic rate tax, has created a huge rise in the number of 40 per cent taxpayers, and until last April lumped more into the 45p bracket.\u201d<\/p>\n

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It\u2019s reported Mr Hunt intends to keep tax thresholds where they are until at least 2028 with the Institute of Fiscal Studies (IFS) saying in the 2027\/28 tax year \u201c8.9million Britons will be paying higher rate taxes compared to just 3.2million when the Labour government left office in 2010\u201d.<\/p>\n

The IFS said there was little room for tax cuts “any time soon”, based on the state of the nation’s public finances.<\/p>\n

Taxes in the UK are heading to their highest level and tight public spending plans mean the Government is set to rake in the biggest surplus, meaning revenues above non-interest spending, in decades.<\/p>\n

The phenomenon of stagnant tax thresholds against a backdrop of rising wages and inflation is known as fiscal drag, at present tax brackets have been frozen since 2021.<\/p>\n

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