IEA Editorial and Programme Director Philip Booth discussed the need to tackle fiscal drag in order to ease the burden seen by UK taxpayers. He addresses the fact that after a decade of tax rises, that a discussion of tax cuts is long overdue and the need to keep money in peoples pockets. Furthermore, Philip discussed the need to deal with under-indexed tax thresholds, which have left more people vulnerable to punitive taxes. This includes the higher rates of stamp duty are likely now paid on most London property transactions and the inheritance tax threshold which has not kept up with inflation. These measures have dragged middle earners into the higher rate tax band and need to be reformed.
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