"Your support makes all the difference. Rachel Reeves has been warned against a tax raid on pensions and levying an annual wealth tax, as the chancellor weighs up options to fill a black hole of at least 30bn at the upcoming budget. The Institute for Fiscal Studies (IFS) warned that restricting income tax relief on pension contributions should be avoided and repeated its cautions against an annual wealth tax, which it says would penalise savers, or increasing stamp duty."
"Instead, they said the chancellor could raise tens of billions from tax reforms without breaking Labour's manifesto pledges - but urged her to avoid half-baked fixes to Britain's economic woes at the Budget. Rachel Reeves is looking at different options to rescue Britain's troubled finances (PA Wire) It comes after reports the government is considering a tax raid on wealthier individuals in order to balance the books at November's budget,"
The Independent emphasizes the need for on-the-ground journalism across reproductive rights, climate change and Big Tech, funded by donations and provided without paywalls. Donations allow continued reporting and interviews with both sides of developing stories. Rachel Reeves faces decisions to address a projected public finances shortfall of at least 30bn ahead of the upcoming budget. The Institute for Fiscal Studies advised against restricting income tax relief on pension contributions, warned that an annual wealth tax would penalise savers, and cautioned against increasing stamp duty. The IFS suggested raising tens of billions through tax reforms without breaking manifesto pledges and urged avoiding half-baked fixes.
Read at www.independent.co.uk
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