Tax on Spending and Benefit Cuts Hit Lower Earners Harder
The Office for National Statistics has released its report into the effect of tax and benefits on household income for 2016/16. It finds that the richest fifth of households have an average income of £88,800 a year – 12 times more than the poorest fifth (£7,400). After accounting for all benefits and taxes, that shrinks to under four times more.…
Read More...