Boris Johnson's tax pledge would cost £8bn a year, IFS says

Promise to lift threshold for top rate to £80,000 would boost incomes of highest-earning 8% of populationBoris Johnson’s pledge to raise the threshold for the top rate of income tax from £50,000 to £80,000 would cost £8bn a year and boost the incomes of the highest-earning 8% of the adult population, according to the Institute for Fiscal Studies.The policy would take 2.5 million people out of paying higher-rate tax, more than reversing the increase over the past three decades, the tax and spending watchdog said. About three-quarters of the tax benefit would go to the highest-income 10% of households. Continue reading…
Via: Boris Johnson's tax pledge would cost £8bn a year, IFS says