UK’s ‘FISCAL DRAG QUEEN’ ‘(Rachel from accounts’ - who promised not to increase taxes)-on track to DOUBLE the UK personal income tax take by 2030-31
socialism - All your money belongs to the State – so it can pay welfare benefits to everyone and build useless solar parks and wind farms
From here:
Stealth raid puts £210bn extra in taxman’s pocket
“The taxman is set to rake in £430billion from the levy in 2030-31, according to analysis of official forecasts, some £210billion more than the £220billion it raised in 2021-22.
Income tax revenues have already risen by 50 per cent since the freeze began, hitting a total of £330billion last year.
Government figures show the number of basic rate taxpayers has jumped from 27.4m to 30.4m in that time, while the number paying the higher 40p rate has swelled from 4.4m to 7.1m.
And the number hit by the additional rate has more than doubled in number, rising from 520,000 to 1.2m.
Income tax thresholds – the point at which each of the 20p, 40p and 45p rates kick in – are typically meant to rise each year in line with a particular measure such as inflation.
But the personal allowance, at which people start paying the basic rate, has been frozen at £12,570 since 2021, while the higher rate threshold, where 40p tax comes in, has been held at £50,270.
The threshold for the additional 45p rate of income tax was cut from £150,000 to £125,140 in 2023, where it still remains.
By 2030-31, some 10.5m workers will pay higher rates of tax, according to the Government’s own forecasts, up from just 1.7m in 1990 and 3m in 2010.
AJ Bell estimates that the ten-year freeze will cost a higher rate taxpayer £4,808 in 2030-31 alone while a basic rate taxpayer will hand over an extra £961.
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stop paying taxes because they are technically optional and dependant on.