The Tories have always boasted they are the perty of low taxes but that ic currently clearly not the case.
On a personal note, I am now paying more income tax on my two pensions than what I paid whilst in employment.
Quote:
Sunak’s stealth tax raid sees burden on British households soar by 40pc
Rishi Sunak’s stealth tax raid has seen payments to the Exchequer surge by 40pc since the pandemic, Organisation for Economic Cooperation and Development (OECD) analysis shows.
Payments of taxes on earnings and wealth – such as income tax and capital gains tax – were up by 39.2pc in the first quarter of this year compared with the final months of 2019, the OECD found.
The tax burden on households has shot up more quickly in the UK than in other big rich economies, analysts said, despite all facing similar blows from Covid-19.
By contrast, Americans are paying just over 30pc more than they did before Covid.
British households paid £84bn in income and wealth taxes to the Exchequer in the first quarter of 2023 compared with £60.6bn in the final three months of 2019, according to the group’s seasonally adjusted data.
Much of the increase reflects freezes to key income tax and capital gains thresholds. Then-chancellor Sunak announced a freeze until 2025-26 in March 2021. His successor at the Treasury, Jeremy Hunt, has since extended it for another two years.
Thresholds have been maintained despite the high rate of inflation, which is pushing more workers into higher tax brackets when they get pay rises.
The frozen thresholds have been dubbed a stealth tax raid by critics who point out that wages are still failing to keep pace with bills and prices.
https://www.msn.com/en-gb/money/othe...fa3eb622&ei=10
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