Budget 2016: Income Tax Cuts Will See Richest Benefit By £250 And Poorest Less Than £10
This graph shows why one of George Osborne's flagship tax cuts in the Budget will disproportionately benefit the well off.
The Chancellor announced two cuts to income tax.
- From April 6, 2017, people will be able to earn £11,500 before they start to pay tax.
- The threshold at which 40 per cent income tax kicks will rise to £45,000.
The Resolution Foundation think-tank has found the poorest - on the far left - stand to benefit by less than £10 while the richest - on the far right - are in line for a boost of more than £250.
It calculates that 80% of gains go to the top half of earners - and almost half (47%) to the top fifth.
The Chancellor announced two cuts to income tax.
- From April 6, 2017, people will be able to earn £11,500 before they start to pay tax.
- The threshold at which 40 per cent income tax kicks will rise to £45,000.
http://www.huffingtonpost.co.uk/graeme-demianyk
