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The Fiscal Drag Started By the Tories But Labour Are Keeping It Going - The impact of frozen or reduced personal tax thresholds
Summary by Caithness-business.co.uk
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The Fiscal Drag Started By the Tories But Labour Are Keeping It Going - The impact of frozen or reduced personal tax thresholds
Many personal tax thresholds have been frozen in cash terms since April 2021, whereas previously most were due to rise in line with CPI inflation. The resulting ‘fiscal drag' is set to raise significant sums as the average effective tax rate (total tax paid as a share of total income) rises more quickly over time.
In the proposal to comprehensively amend the personal income tax law, the Ministry of Finance proposed reducing tax rates and widening the gap between rates in the progressive tax schedule for income from wages and salaries.
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