The soon to be elected Labour Government?
Well, no. It's the tax cutting party
The UK faces the biggest tax rise in at least 50 years thanks to the threshold freeze and high inflation, with taxpayers shelling out £40bn by 2028, the Resolution Foundation has said. The figure has hiked from a forecast of £30 billion at the time of Chancellor Jeremy Hunt's budget earlier this year – yet the government's policy is to maintain freezes on income tax and national insurance thresholds until 2028.
The reports follow Mr Hunt ruling out large tax cuts in 2023 as Tories called for a pre-election giveaway at the Conservative Party Conference. Adam Corlett, principal economist at the Resolution Foundation, said abandoning the uprating of tax thresholds is a 'tried and tested way' for governments 'of all stripes' to raise revenue in a 'stealthy way'.
Adam said the 'far bigger than anticipated' scale of the government's £40 billion 'stealth' tax rise 'stands out'. The economist said the reality of the largest tax rise on incomes in 'at least 50 years' is why discussions concerning pre-election tax cuts will be seen in the wider context of some 'far bigger tax rises'.
So when the Tories talk about cutting taxes - DON'T BELIEVE THEM. THEY'RE LIARS.
Well, no. It's the tax cutting party
The UK faces the biggest tax rise in at least 50 years thanks to the threshold freeze and high inflation, with taxpayers shelling out £40bn by 2028, the Resolution Foundation has said. The figure has hiked from a forecast of £30 billion at the time of Chancellor Jeremy Hunt's budget earlier this year – yet the government's policy is to maintain freezes on income tax and national insurance thresholds until 2028.
The reports follow Mr Hunt ruling out large tax cuts in 2023 as Tories called for a pre-election giveaway at the Conservative Party Conference. Adam Corlett, principal economist at the Resolution Foundation, said abandoning the uprating of tax thresholds is a 'tried and tested way' for governments 'of all stripes' to raise revenue in a 'stealthy way'.
Adam said the 'far bigger than anticipated' scale of the government's £40 billion 'stealth' tax rise 'stands out'. The economist said the reality of the largest tax rise on incomes in 'at least 50 years' is why discussions concerning pre-election tax cuts will be seen in the wider context of some 'far bigger tax rises'.
So when the Tories talk about cutting taxes - DON'T BELIEVE THEM. THEY'RE LIARS.