TaxPersonal TaxDarling urged to reconsider income tax rate

Darling urged to reconsider income tax rate

Research shows proposed new rate will fail to raise expected revenue

The new 45% income tax rate is ‘extremely unlikely’ to raise the revenue
anticipated and Chancellor Alistair Darling should reconsider the move,
according to research.

The Institute of Fiscal Studies has released data which shows the revenue
should be raised from the richest 10% of the population with a three-point rise
in the higher tax rate, according to
ft.com

James Browne, senior research economist of the IFS, said: ‘Alistair Darling’s
income tax increases for the rich will significantly complicate the tax system
and may well raise little revenue.’

Further Reading:

Stealth
tax to hit Britain’s middle class

Scrapping
zero VAT rate will help poor families, says IFS

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