Nearly a million people will see their tax rates soar as the government's austerity package kicks in this spring, potentially to as high as 83%.Not to mention the austerity-related cuts in public spending. Some lessons for the U.S. here, for those willing to learn. More at the link.
Analysis from the Institute for Fiscal Studies today reveals that changes in April will drag 750,000 people into the 40% tax bracket. Meanwhile, little-publicised tax credit cuts will push the marginal rates of 175,000 working parents up above 70%. In theory, effective tax rates in Middle Britain could reach 83%, the rate that Labour levied on Britain's top earners before 1979...
This is on top of the extra VAT which families at all income levels have been paying since the start of the year....
31 January 2011
Tax rates in Britain "could rise to 83%"
From a column at The Guardian today: