Rachel Reeves 'launching tax raid on pensioners from November' - Birmingham Live

Contributing sentiments towards policy:

58% : And while there may be no specific announcement of a tax targeting pensioners, millions are expected to be hit by what is known as a 'stealth tax'. READ MORE: Universal Credit claimants wake up to surprise payments Get our best money saving tips and hacks by signing up to our newsletter This is because tax bands have stayed frozen since 2021, with more pensioners being forced to pay income tax as their payments have risen each year, taking them over tax thresholds.
52% : This is the rate someone starts paying income tax, with small private pensions or other income streams enough to push retirees past the threshold.
52% : "This is called fiscal drag - where an increase in pension income simply pushes people into tax thresholds.
49% : " Aaron Peake, Personal Finance Expert at free credit score service CredAbility, said: "The Government says it won't raise income tax, national insurance, or VAT.
48% : "But fiscal drag could quietly push people into higher tax brackets as wages rise.
47% : Millions more pensioners face having to pay income tax next year.
46% : "Many pensioners who only rely on the state pension will soon find themselves paying tax for the first time, while those with workplace or private pensions are already there.
37% : "Inheritance tax could also see adjustments, including a lifetime cap on tax-free gifts or changes to taper relief.

*Our bias meter rating uses data science including sentiment analysis, machine learning and our proprietary algorithm for determining biases in news articles. Bias scores are on a scale of -100% to 100% with higher negative scores being more liberal and higher positive scores being more conservative, and 0% being neutral. The rating is an independent analysis and is not affiliated nor sponsored by the news source or any other organization.