Saturday, December 17, 2022
The stealth tax steal
Gone are the days when the Tories were the party of low tax. Nowadays, they just pretend to advocate lower taxation rates, while hiking them surreptiously.
The Independent reports on research that has identified that Britons will be paying £150bn in extra National Insurance contributions and income tax over the next six years.
The paper says that the decision by the prime minister and his chancellor Jeremy Hunt to freeze tax thresholds will cost the equivalent of £5,000 for every household in the UK.
The Office for Budget Responsibility estimates that the combined impact of freezing income tax and NIC thresholds will cost taxpayers more than £30bn a year by 2025-26, a situation made worse by out-of-control inflation and interest rate hikes.
Effectively, this government is balancing the books on the backs of the poorest. So, they are Tories then!
The Independent reports on research that has identified that Britons will be paying £150bn in extra National Insurance contributions and income tax over the next six years.
The paper says that the decision by the prime minister and his chancellor Jeremy Hunt to freeze tax thresholds will cost the equivalent of £5,000 for every household in the UK.
The Office for Budget Responsibility estimates that the combined impact of freezing income tax and NIC thresholds will cost taxpayers more than £30bn a year by 2025-26, a situation made worse by out-of-control inflation and interest rate hikes.
Effectively, this government is balancing the books on the backs of the poorest. So, they are Tories then!
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Anyone who credits the Tories' tax manouvres as "stealth" is a touchy feeble in the head. It's bloody obvious what they are up to. Freezing the tax band thresholds is an old caper that gets pulled when governments run out of ideas and it hurts lower paid people most. All governments regardless of political ideology or tendency are locked into a "increased spending" mindset. Even when they cut in any area it's most often to allocate a bigger figure elsewhere. The bubble of government spending keeps on growing and much of it goes on bureaucracy/admin with a growing slice of public spending then getting handed over to "friendly" corporates who often employ former politicians and senior servants in later life. One big corrupt daisy chain.
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