The Government’s mini-Budget was dubbed an example of “trickle down economics” by critics of the measures But what does the term mean? SerinaSandhu1 explains ⤵️
the Chancellor scrapped the 45 per cent higher rate of income taxThe Government believes this measure will encourage people to spend more, but critics say it allows wealthy people to become wealthier.
Labour leader Sir Keir Starmer, who pledged to bring back the 45 per cent tax rate, said the Government had taken a “very risky approach” that was “driven by this ideology… that if you simply allow the rich to get richer, somehow that money will trickle down into the pockets of all the rest of us”. Only those with incomes of more than £155,000 will be net beneficiaries of the tax policies, with the “majority of income taxpayers paying more tax”, said the Institute for Fiscal Studies.on Saturday: “If you’ve got less than about £150,000 a year coming in, if you’re part of the 99 per cent with less than £150,000 coming in, then you’re still going to be worse off as a result of tax changes coming in over the next two or three years.
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