Taxes Are Rising Despite National Insurance: IFS

Published on January 5, 2024

Personal taxes are rising for many in 2024 despite a cut in National Insurance contributions (NICs) rate, the Institute of Fiscal Studies (IFS) said. In an analysis published on Friday, the think tank said the lowest and the highest earning taxpayers will both see their over taxes rise because of frozen tax thresholds. It comes after IFS Director Paul Johnson questioned Labour’s reported plan to promise tax cuts, saying it would add “another period of austerity on public service” as both parties have claimed they want to reduce public debt. According to the IFS, the NIC cuts from Saturday will deliver reductions ranging from £48.6 to £754 for people in different earning levels....

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