Abolish the 60% stealth income tax

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Abolish the 60% stealth income tax

Petition Details

The effective income tax rate for earnings of £100,000 - £123,000 is 60%, as the tax free allowance drops away. So the tax rate goes from 40% for earnings under £100,000, up to 60%, and then back down to 40% for earnings between £123,000 and £150,000. Truly bizzare.

Additional Information

This tax rate is a clear disincentive for those earning around £100,000 (mainly those seen as "wealth creators"). So much so that the vast majority will surely act to avoid this rate (e.g. By paying into their pensions). This is dragging liquidity away from the market and therefore adversely affecting everyone in the country.

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