Reeves targets tax raid on employee pension contributions at Budget'

"Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story."

"Rachel Reeves will reportedly target employee pension contributions in a bid to raise more money at this month's crunch Budget. The chancellor, according to The Times, is expected to limit an existing tax break on pension contributions by bringing in a cap on the amount of salary that can be sacrificed without incurring national insurance payments. The outlet claims employee contributions of more than 2,000 a year would be subject to national insurance - a move that could raise up to 2 billion per year."

"Despite Labour's manifesto pledge to the contrary, she is said to be weighing a 2p rise in income tax, balanced by a 2p cut in National Insurance in order to effectively cancel out the burden on workers. Rachel Reeves is looking to address a hole in public finances worth up to 30 billion (PA Wire) This week, Labour new deputy leader Lucy Powell warned a break in the manifesto could damage trust"

The Independent covers reproductive rights, climate change and Big Tech and seeks donations to fund on-the-ground journalism without paywalls. Donations help send journalists to speak to both sides and keep reporting free for readers. Rachel Reeves plans to cap the salary-sacrifice pension tax break, making employee contributions over 2,000 a year subject to national insurance, a change that could raise up to 2 billion per year. She is reportedly weighing a 2p rise in income tax balanced by a 2p National Insurance cut to offset workers. The government faces a public finances hole worth up to 30 billion and warnings that breaking a manifesto pledge could damage trust.

Read at www.independent.co.uk