Higher Rate of Income Tax

Higher Rate of Income Tax

In progressive taxation, a tax rate above another rate. In most cases, the higher rate of income tax only applies to income over a defined level. For example, if one is taxed 10% on all income under $15,000 and 20% on all income over $15,000, 20% is the higher rate of income tax.
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She would cut middle class benefits, such as the threshold for paying the higher rate of income tax, to offset the tax credit cuts.
They pledge not to raise the basic or higher rate of income tax, National Insurance or VAT.
Shadow Chancellor Ed Balls said: "Labour will not raise the main rate of VAT, the basic or higher rate of income tax and will not raise National Insurance.
Now there is the possibility of AMs voting, for example, to take a penny off the higher rate of income tax in a move to attract entrepreneurs to Wales.
These include more spending on infrastructure projects, lowering energy prices and supporting on the so-called "squeezed middle" by ensuring fewer pay the higher rate of income tax.
And Tory backbenchers in the Free Enterprise Group, led by Dominic Raab, want relief for the middle classes suggesting, amongst other things, abolition of stamp duty on homes worth less than [pounds sterling]500,000 and an increase in the higher rate of income tax to [pounds sterling]50,000.
2012: The higher rate of income tax is reduced from 50p in the pound to 45p Such is life in Britain in 2012, but it could be easily a description of grim Tory life in the '70s, '80s and '90s.
But attention has also focused on a series of measures which were less well publicised by the Chancellor, including: Lowering the threshold for the 40p higher rate of income tax, bringing up to 1.
Chancellor George Osborne rowed back on controversial plans to scrap child benefit for all households where one parent earns enough to pay the 40% higher rate of income tax, following complaints - including from Conservative backbenchers - that it would hit families in the "squeezed middle".
Chancellor George Osborne backed down on controversial plans to scrap child benefit for all households where one parent earns enough to pay the 40 per cent higher rate of income tax, following complaints that it would hit families in the "squeezed middle".
It's a shame that the fall in the higher rate of income tax to 45p is being delayed to next year along with the higher personal tax allowance of pounds 9,205.
The 50% higher rate of income tax is probably one tax which could be abolished without any effect on revenue.

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