#income-tax

#income-tax

Rachel Reeves is under pressure to overhaul the UK's tax system after the Resolution Foundation urged her to cut employee national insurance contributions by 2p and offset it with an equivalent rise in income tax. The thinktank, which has close ties to senior Labour ministers, said the measure could raise an additional £6bn a year by spreading the tax burden across a wider pool of taxpayers, including pensioners, landlords and the self-employed.

In a report that will be closely scrutinised in the Treasury, it said an additional 6bn a year could be raised through a policy to cut employee national insurance by 2p, with a corresponding increase for all income tax bands. This is because income tax applies to a wider group of taxpayers than employee national insurance including pensioners, landlords and self-employed people.

Well, I'm glad you brought that up, because obviously I mean, tariffs is one thing he made very clear on the campaign trail he was going to do. Maybe people didn't believe him. But he wrote yesterday that many people's income taxes will be substantially reduced, maybe even completely eliminated, once the revenue from the tariffs comes in. But if you're making deals with countries, and you're going to lower those tariffs, how are you going to have the revenue to cover people's income taxes?

Retirees need to stay informed about income taxes, as the potential threat of enforced tax collection has decreased, allowing current tax brackets to remain stable.

An income tax is un-Democratic. This is true, whether Democratic principles or national platforms be considered. It negates Democratic principles and traditions.