"Reeves' Spring Statement Challenge"
This is a news story, published by Telegraph, that relates primarily to Rachel Reeves news.
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fiscal trapTelegraph
•World
World
Income tax at 40pc is becoming the norm in Starmer’s Britain
57% Informative
Rachel Reeves , the Chancellor, is running out of room in her Spring Statement next week .
She only has one real option left if she is to have any hope of sticking to fiscal rules.
She will have to extend the freeze on tax thresholds from 2028 to 2030 .
We were already well on our way to 40pc becoming the standard rate of income tax.
Yet 40pc is far too high and will prove catastrophic for the economy.
Many families will be left paying marginal rates’ of 60pc or 70pc on every extra pound they earn.
Research estimates that the revenue maximising rate of tax is between 32pc and 36pc .
Nobody seriously thinks it is 60pc to 70pc.
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