fiscal cliff | Anorak

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The right pain in the bum that is fiscal drag

A LITTLE bit from Chancellor George Osborne’s autumn announcements that might get overlooked:

A record 4.5million workers could be paying higher-rate tax by the end of this Parliament.

The number in the 40 per cent band is expected to rise from 3.8million today by another 400,000 over the next three years, the Treasury said yesterday.

However, experts predicted the number dragged into the higher rate could be an additional 300,000 – which would in total account for nearly one in six taxpayers.

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Posted: 6th, December 2012 | In: Money | Comment | Comments RSS feed:RSS 2.0