Assessing The New U.K. Leadership's Unexpected Tax Changes

Contributing sentiments towards policy:

68% : National Insurance is broadly equivalent to Social Security.
61% : They got absolute savings on National Insurance.
50% : The Conservative Party was choosing a new leader, and it seemed that tax played a role in the back and forth between the two leading candidates.
50% : That was essentially a 2.5 percent increase of tax and wages.
48% : Dan Neidle: The stated reason was that the government wanted deeply to improve the simplification of tax, which is a counterintuitive thing to say.
47% : We've had something of a consensus in tax for really the last 12 years or so.
46% : One of the last decisions on tax of the Johnson government was to say that given the fiscal difficulties the country's in -- and I think this was even before the energy crisis, this was just looking at the effects of the pandemic -- that 19 percent rate should go up to 25 percent.
45% : First, it means that individuals don't have the option to duck out of paying tax that is properly due.
44% : First one, which I've been blogging about on Tax Policy Associates: You'll see a posting about the United Kingdom's marginal tax rates, meaning if you earn X and then you have the opportunity to earn £1,000 more, how much of that £1,000 do you keep, and how much goes in tax?
41% : The rate of tax did go down precipitously.
40% : Dan Neidle: The most controversial was eliminating the 45 pence top rate of income tax, which applies on incomes over £150,000.
39% : That will cost about £2 billion a year, and that's £2 billion of tax, which probably is due but ain't being paid because the wrong person, in my view, is now responsible for paying it.
35% : She was saying that taxes should be cut now, and she didn't seem that interested in how they were funded.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.