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Rachel Reeves extended the freeze on tax thresholds, a change projected to raise the income tax burden on lower earners by 2030-31 per the Resolution Foundation. The Budget abandons a single large income tax increase in favour of a package of smaller tax rises aimed at funding higher welfare spending and creating a bigger borrowing buffer. The plan includes roughly £26bn of measures that will pull millions more into higher income tax and target the middle classes. The abolition of the two-child benefit cap is expected to lift about 450,000 children out of poverty.
Read at www.independent.co.uk
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