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meaningful tax cutsTelegraph
•74% Informative
Shadow chancellor Rachel Reeves has been trying to recast Labour as the party of growth.
She has hinted at cuts for “working people’s” including those paying the highest 45p rate.
Labour insists it has “no plans” to increase rates of income tax, National Insurance or VAT .
But plans change fueling fears of wider tax hikes to come.
Parents had hoped that paying fees in advance would allow them to dodge the VAT hit.
But Bridget Phillipson , the shadow education secretary, has said Labour ’s legislation would be “drawn in such a way to ensure that avoidance can’t take place” Labour claims forcing non-domiciled to pay tax on foreign income could net the Treasury 3.5bn a year .
Labour has previously been vague about its tax-and-spend plans, perhaps deliberately, even on the few proposals it had announced before the manifesto was released.
Given the state of the public finances Labour would inherit, the chances of the party introducing net tax cuts are vanishingly small.
But what if Ms Reeves ’ tax-cutting hints are taken at face value?.
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