Targeted tax reductions aim to accomplish this, traditionally settling on capital gains and savings.
In his mini-budget today, the Chancellor revealed plans to cut income and business taxes, with the most significant reductions for those earning more than £150,000 annually, as they no longer have to pay the 45 percent additional rate.
His plan was summed up by some as a bid to implement “trickle down” policies, which the cabinet swiftly rejected.
Levelling-up secretary Simon Clarke dismissed the claims as leftwing “nonsense”.
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