🚨 Big news on the income tax front! 🚨
A campaign to raise the personal income tax allowance from £12,570 to £20,000 is gathering steam and could trigger a crucial parliamentary debate! 📈 More than 68,000 people have already signed the petition, and it’s inching closer to the 100,000-signature threshold needed to get MPs talking about it in the House of Commons.
Advocates argue that the current freeze on tax thresholds since 2021 causes ‘fiscal drag’, where rising wages pull more people into the tax system. This is hitting low-income earners hard, they say, especially as inflation continues to bite. 📉💸
The petition founder, Shannon Keene, believes the tax change would significantly help families struggling with rising living costs like rent, mortgages, and childcare. The campaign has led to widespread discussions about making work more financially viable for all. 💪👨👩👧👦
But what’s the government’s take on this? They’ve acknowledged the call but cited a hefty £50 billion price tag. They worry that adjusting the threshold could cut funds for vital services like the NHS, schools, and defence. 🏥🏫
Instead, they’re focusing on boosting worker pay with recommendations from the Low Pay Commission and extending childcare support. They’re also reviewing tax structures as part of broader fiscal policies. 📊
While a similar petition earlier this year saw over 281,000 signatures and led to a passionate Parliamentary debate, the task remains daunting. Critics argue the cost of maintaining the £12,570 threshold till 2031 will push millions more into higher tax brackets.
Keep an eye out for updates as we head closer to November’s budget announcement. What do you think about this tax threshold saga? Share your thoughts! 💬
🔗 If you want to see change, the petition is still open for your signature!