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Rishi Sunak considers tax cut for top earners after byelection defeats
(www.theguardian.com)
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this post was submitted on 21 Oct 2023
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This is a very badly worded title - it’s not the top rate he plans to adjust but the 40% middle rate which starts at £50,270 - hardly millionaire land. Given our stupid inflation recently that’s an income of ~£41,000 pre Covid. Are we calling anyone who earns more than school teachers (max pay £40,490 in 2019) “top earners” now?!
Checks publication.... ahh yes, of course. In that case, yes. Yes we are. Eat the rich, right? 🤣
The thing is, more people have been dragged into the 40% bracket or had more of their income fall within the bracket because, checks notes, Rishi frozen the normal inflationary increases for the bracket for six years. If he doesn't now amend the brackets to take account of inflation this will be one of the largest ever increases in taxation.
This is entirely a situation of his own, intentional, making.