May 4th in Accountancy News, Economy, Tax by Editor .
Big Tax Rises Are Needed
Is serious slogging going to be worth it in future…?
The National Institute of Economic and Social Research said taxes would have to rise by the equivalent of 6p on the basic income tax rate to get the budget deficit below 3% by 2020. Not that any rise is likely to be so obvious.
BBC: The BBC’s Nils Blythe said that although the large additional tax rises needed to get the budget deficit below 3% by 2020 would not necessarily come in the form of income tax increases, the think tank reasoned that the scale of the rise is equivalent to putting up the basic rate of income tax from 20p to 26p in the pound.
Wherever it comes, tax is tax. Makes you wonder why any of the parties are actually fighting to win this election.
