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Did the government really just cut your taxes?
Nov 30, 2023
Guest Torsten B, an expert on tax and spend policies, joins the hosts to analyze the recent tax cuts announced in the autumn statement and their impact on different income groups. They discuss the freezing of income tax and national insurance thresholds, the overall trend of tax rises, and the challenges faced by the next administration in terms of taxes, public services, and low productivity. They also touch on multiculturalism in Britain and announce the podcast's move to Tortois News and a new series called Walter's War.
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Quick takeaways
- The tax cuts announced in the Autumn Statement mainly benefit higher-income earners, resulting in only a small average benefit of around £100 for individuals.
- Freezing income tax and national insurance thresholds while earnings increase leads to a higher tax burden for individuals and the economy as a whole.
Deep dives
Tax cuts in the Autumn Statement and their impact on individuals
The podcast discusses the tax cuts announced in the Autumn Statement and their impact on individuals. The analysis from the Resolution Foundation reveals that while there are overall tax cuts for individuals, the benefits are mainly enjoyed by those earning more than the median income. The podcast highlights that the tax cuts need to be seen in the context of larger tax rises, particularly the freezing of income tax and national insurance thresholds. While 29 million households will benefit from the tax cuts, the average benefit is offset by the cost of tax rises, resulting in individuals being only about £100 better off on average.
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