TaxPayers' Alliance reaction to Budget 2012
Matthew Elliott, Chief Executive of the TaxPayers' Alliance, offered this reaction to the Budget:
"There is a lot of good news in the Budget for families who have struggled in the recession. The cuts in corporate and top rate taxes will improve the incentive to invest and innovate, meaning higher wages before tax. Then a higher personal allowance will mean they can keep more of the money they earn. Unfortunately some of the money is coming from higher taxes on pensioners; there is no relief for motorists from terribly high taxes on petrol and diesel; higher taxes on tobacco will be a boon for criminals selling dodgy cigarettes; and yet another higher rate on Stamp Duty is an unfortunate hike in an ugly tax. But overall this is a Budget that should ease the pressure on people’s living standards and allow most of them to keep more of their money."
For a more detailed analysis of the Budget please register to attend the TaxPayers' Alliance (TPA) and Institute for Economic Affairs (IEA) Budget briefing tomorrow morning.
In April the TPA, working in partnership with the Institute of Directors (IoD), will publish the 2020 Tax Commission final report. It will be a radical examination of how we can create a simpler, more effective and fairer tax system fit for the 21st Century.
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