Phew, I was really worried millionaires were going to have to continue struggling.
Hopefully this can go some way to taking the pressure off them ❤️
So the same thing Truss wanted to do that completely fucked the economy? Hmm.
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We can not force an election. His own MPs can cast a vote of no confidence though.
He has just took a historic defeat and is under pressure from his own party. This is to stave off that VONC from the Truss group who have threatened to vote down any budget that does not give tax cuts to the wealthy. Sunak doesn’t care about upsetting the public. He knows no matter what he does now he will loose the election. He has his sights on the India for a large pay out.
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The truss group are the ones pushing for this he is doing it to appease them
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remove 26plus tories.
So basically you cant. Once a party gets a clear magority. Those common post 2010 elections your used to. Well they ended in 2019.
26th jan 2025 (i think) or when the tories think is best for them is the only option now.
This is a very badly worded title - it’s not the top rate he plans to adjust but the 40% middle rate which starts at £50,270 - hardly millionaire land. Given our stupid inflation recently that’s an income of ~£41,000 pre Covid. Are we calling anyone who earns more than school teachers (max pay £40,490 in 2019) “top earners” now?!
Are we calling anyone who earns more than school teachers (max pay £40,490 in 2019) “top earners” now?!
Checks publication… ahh yes, of course. In that case, yes. Yes we are. Eat the rich, right? 🤣
The thing is, more people have been dragged into the 40% bracket or had more of their income fall within the bracket because, checks notes, Rishi frozen the normal inflationary increases for the bracket for six years. If he doesn’t now amend the brackets to take account of inflation this will be one of the largest ever increases in taxation.
This is entirely a situation of his own, intentional, making.
PM proposes he has a tax cut.
Nothing to see here.
This is the best summary I could come up with:
Rishi Sunak is considering a tax cut for the 5 million highest earners and reducing stamp duty in an attempt to ease the pressure on his leadership after two historic byelection defeats, it has been reported.
The Conservatives may raise the 40% income tax threshold after Labour’s victory in Mid Bedfordshire, Nadine Dorries’ former seat.
The Daily Telegraph reported that surveys have been carried out by Downing Street to ascertain which tax reduction could give the party the biggest political pre-election boost with the 2024 spring budget considered the earliest it could be announced.
The Conservatives are also planning to reduce stamp duty for their general election manifesto next year if the economy has strengthened, the Times reported.
A senior Tory told the Times that reducing stamp duty would be “aspirational” and improve the economy in addition to attracting middle-class voters who had left the party.
Official figures showed that public sector net borrowing was £14.3bn last month, lower than the £20.5bn that had been forecast by the Office for Budget Responsibility.
The original article contains 304 words, the summary contains 172 words. Saved 43%. I’m a bot and I’m open source!
