US EditionPublished • loading... • Updated
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
This story is only covered by news sources that have yet to be evaluated by the independent media monitoring agencies we use to assess the quality and reliability of news outlets on our platform. Learn more here.2 Articles
2 Articles
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.
Coverage Details
Total News Sources2
Leaning Left0Leaning Right0Center0Last UpdatedBias DistributionNo sources with tracked biases.
Bias Distribution
- There is no tracked Bias information for the sources covering this story.
Factuality
To view factuality data please Upgrade to Premium
