Inflation is peaking and taxes are also increasing. It is becoming difficult for many middle-income families to survive with current earnings. With the 1.25% increase in NI tax from April 2022, it will be more difficult for people to save any money. Income tax should be reformed to reflect this.
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Increasing energy and gas bills have increased the burden on everyone, and income tax should be reformed to reduce the financial burden on people earning over £50,000.
There is no tax rate of 30% on annual income. There should be a new tax rate introduced for people earning £50,271 to £80,000, replacing the current start of the higher income tax band, to at least ease out the burden of the people.