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Originally Posted by Sephiroth
She is a lying toad. Unless she overrules her Chancellor, she's stealth taxing us rather than putting more money into our pockets. I hope the press crucify her.
From the Torygraph:
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This was known when they announced the mini-budget. Because of Sunak's frozen thresholds, only the 150k+ earners would be better off in real terms.
I was surprised there was not more media coverage on this. I found this from a week ago:
The Stealth Tax Buried in Kwasi Kwarteng’s Budget
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For all the talk of tax cuts in UK Chancellor of the Exchequer Kwasi Kwarteng’s mini budget last week, the most significant stealth tax imposed by his predecessor Rishi Sunak remains very much in place.
In his spring budget of 2021, Sunak sought to offset the cost of the pandemic with a four-year freeze in income-tax thresholds. Ordinarily, these thresholds rise in line with inflation to preserve the real value of your income. When they don’t, people’s real spending power falls.
With inflation much higher than Sunak originally expected, the Institute for Fiscal Studies estimates that this so-called fiscal drag will cost taxpayers around 30 billion pounds ($32.5 billion).
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