High-rate tax bracket will soon claim more citizens


Financial experts have estimated that one in four of all UK workers could be placed into the high-earner rate tax bracket by 2015.

A report by the Institute for Fiscal Studies has revealed that up to 3.5 million more people could be rounded up into the high-earners tax band, meaning they will pay a rate of 40 percent.

The estimations come as Coalition Chancellor George Osborne has lowered the level of income required to place people into the top bracket, meaning the amount of people classed as high-earners will begin to rise as soon as this April, currently thought to be around 750,000 more people. The IFS report suspects that thousands more will eventually fall into the bracket, and expects the four million current high-rate payers to swell to 7.5 million by 2015.

This news has not been met with much approval from tax-payers across the land, however PM David Cameron defended his Budget decisions: “If suddenly we are going to tear up our Budget plans, we are going to turn the taps of government spending back on again, we are not going to care about the deficit", I think the rest of the world would say "How can I have confidence in Britain if they are not going to pay down their debts?”, he said.