Truss Tax Freeze Could Cost Workers £75 Billion, Equivalent to 9p Tax Hike
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Millions of workers face a £75 billion stealth tax raid equivalent to 9p income tax hike according to Liz Truss' Growth Commission.
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Tax haul caused by 6-year freeze on tax allowances and thresholds that pushes people into higher tax bands.
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Institute for Fiscal Studies predicts freeze will raise £52bn a year by 2027 but no scope for cuts due to economy.
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Options for Chancellor include ending freeze early or lowering tax rates to offset stealth windfall.
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Truss, who set up Growth Commission, wants tax cuts and harbors hopes of a comeback.