Article preview: With the Tory leadership contest, and race to 10 Downing Street, now down to two candidates, frontrunner Boris Johnson has revealed new tax proposals. Should he become Prime Minister, Johnson has proposed an increase in the higher rate income tax threshold to £80,000. This threshold, where taxpayers start to pay 40% income tax, currently stands at £50,000. According to an analysis by the Institute for Fiscal Studies, such a change to income tax thresholds would cost the Treasury “many billions”. Increasing the higher rate tax threshold would benefit the wealthiest in society the most, with only 8% of individual taxpayers benefiting in the short-term.
Boris bonus for higher earners?
This 470-word blog post considers tax cutting plans from Tory leadership contender Boris Johnson. Written on 26th June 2019.
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