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Anneliese Dodds: Government has seen the light on corporation tax but super deduction makes move more expensive

Anneliese Dodds: Government has seen the light on corporation tax but super deduction makes move more expensive
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Budget Spring 2021: Cost of pandemic will be paid back by many governments over many decades

Colossal economic damage will be paid back over many decades , Sunak said Chancellor told Commons the Government has borrowed £355billion this year Borrowing is set to remain high over the next five years, with taxes to rise National debt is forecast to hit an eye-watering £2.8trillion in 2023-24 Sunak said rate of borrowing is comparable only to levels during world wars

One in SIX will pay higher rate by 2026 after Rishi freezes thresholds

So how will Rishi s budget affect YOU? One in SIX people will be paying higher rate tax by 2026 - twice as many as under Thatcher - while anger grows that low and middle earners will be hit harder than the rich Chancellor Rishi Sunak announced at the Budget that income tax thresholds will be frozen in the years ahead It will drag hundreds of thousands of workers into paying more basic rate as well as higher rate income tax Institute for Fiscal Studies said that by 2026 one in six people will be on higher rate - was just one in 15 in 1990

Rishi Sunak defends income tax raid on low and middle earners

Chancellor Rishi Sunak has been defending his crucial post-coronavirus Budget package unveiled yesterday IFS says that Mr Sunak s spending plans are implausible he will probably need to raise taxes to balance books The massive furlough scheme will be extended again to the end of September along with other bailouts Income tax thresholds are being frozen until 2026 and corporation tax will rise to 25 per cent from 2023  The government s total spending on response set to reach an unimaginable £407billion by end of next year   Mr Sunak said the income tax move was progressive and the right thing to do and rates are still generous   

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