The lower the tax rates, the more likely you're going to be to save, and the ability to save is more important than your ability to actually earn in some of those money markets or CDs.
Well, I'm glad you brought that up, because obviously I mean, tariffs is one thing he made very clear on the campaign trail he was going to do. Maybe people didn't believe him. But he wrote yesterday that many people's income taxes will be substantially reduced, maybe even completely eliminated, once the revenue from the tariffs comes in. But if you're making deals with countries, and you're going to lower those tariffs, how are you going to have the revenue to cover people's income taxes?
Sinn Féin leader Mary Lou McDonald stated that their tax package, costing €1.8bn, aims to provide significant relief to middle and lower-income workers, marking it as a crucial benefit for those earning up to €45,000 annually.
'Those who earn over a certain amount of money each year are required to pay tax. Tax is usually deducted from an individual's wage or pension automatically; however, those in receipt of other forms of income, including property and self-employment, will need to report their earnings to HM Revenue and Customs (HMRC) through a Self-Assessment tax return.'
Jessica Barnaby, the ONS deputy director for public sector finances, stated, "July borrowing was almost 2bn higher this year than in 2023. Revenue was up on last year, with income tax receipts in particular growing strongly. However, this was more than offset by a rise in central government spending where, despite a reduction in debt interest, the cost of public services and benefits continued to increase."