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Which country has decided to scrap the proposal to cut taxes for the wealthy?
A)
France
B)
Germany
C)
Australia
D)
United Kingdom

Correct Answer :   United Kingdom


The new Liz Truss-led UK government on Monday(3rd Oct 2022) made an embarrassing U-turn on its central plank of tax cuts by withdrawing a controversial policy to abolish the topmost income tax slab for the wealthiest, following market turmoil and to avert a feared rebellion within the governing Conservative Party.
 
The decision, which marks a humiliating climbdown for Prime Minister Truss, comes after several Conservative MPs criticised the government's plan announced just 10 days ago.
 
Chancellor Kwasi Kwarteng declared that the announcement in his mini-budget of a proposed abolition of the 45 pence tax rate, which applied to the top tier of income taxpayers from next April, had become a massive distraction to an otherwise sound growth plan for the economy.
 
The plan to scrap the 45p rate, paid by people earning more than 150,000 pounds (USD 167,000) a year, was announced as part of a package of tax cuts on September 23..

Source : Business Standard

Published On : October 6, 2022
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