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The Latest Breaking News from Tax Cuts

Jeremy Hunt’s tax cuts will add just 0.25% to UK GDP, Bank of England says

In a damning assessment of the chancellor’s fiscal shakeup, the Bank of England said the measures ‘could’ boost national output by a quarter of a per cent

The Independent UK

David Cameron defends UK’s decision not to vote for UN resolution demanding ceasefire in Gaza – as it happened

Foreign secretary says ceasefire needs to be ‘sustainable’ as he appears before House of Lords European affairs committee

The Guardian - UK

Jim Chalmers’ lucky budget surplus is no comfort to workers whose pay is shrinking

It’s hard to get excited about Myefo figures when median earnings fell, stage-three tax cuts remain sacrosanct and there are no new measures to relieve cost-of-living pressures

The Guardian - AU

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Why progressives should get behind the stage three tax cuts — no, really

Failure to deliver stage three tax cuts will derail Labor’s strategy of offering competent, predictable government that voters will reward over the long term. And the argument that they’re unsustainable will no longer wash.

Crikey

Chalmers shrinks debt with revenue windfall, but households tighten their belts

We can relax about the budget deficit for now — extra tax revenue is taking care of government spending, even after the stage three tax cuts.

Crikey

I’m a Texas homeowner. When will I see my tax cut?

Tax policy is messy. Here are a few tips to help you understand what the recent voter-approved tax cuts mean for your mortgage.

The Texas Tribune

What You Can Do Now to Avoid Paying Higher Taxes in 2026

Tax rates are set to increase once the Tax Cuts and Jobs Act sunsets at the end of 2025, but steps you take now could put you in a better financial position.

Kiplinger

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Australia has one of the weakest tax systems for redistribution among industrial nations – the Stage 3 tax cuts will make it worse

One of the chief purposes of government payments and taxes is to redistribute income, which is why tax rates are higher on taxpayers with higher incomes and payments tend to get directed to people on lower incomes.

The Conversation

Rental fix hinges on more homes, namely social housing

A parliamentary inquiry has called for continued funding for social housing in a comprehensive report on Australia's rental crisis.

AAP

Jeremy Hunt blames Brexit for sparking half-decade of instability

Chancellor says vote led to ‘incredibly challenging time’ as he defends tax cuts paid for by public sector austerity

The Guardian - UK

With GOP priorities unfinished, Texas House plans to wrap fourth special session Tuesday

The decision to end work Tuesday leaves long odds for bills to boost school safety funding and make sure that election challenges don’t delay the implementation of property tax cuts, teacher pension raises and infrastructure spending.

The Texas Tribune

Tax cuts, teacher pension increases at stake after misinformation-led challenge to 2023 election

Tax cuts were a major legislative priority for Republican leaders, including Gov. Greg Abbott. The governor cannot certify the election results until the challenges are resolved.

The Texas Tribune

Charity wants tax cuts switch to ease cost of living

Stage three tax cuts will soon mean Australia's highest earners better off while leaving those struggling with cost of living behind, Anglicare says.

AAP

Economic data shows households are feeling the pinch. But will the RBA stop raising rates?

Inflation is set to drop back to under 3% growth by this time next year – if it weren’t for the stage-three tax cuts, that is

The Guardian - AU

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The Guardian - AU

Most voters now disapprove of Anthony Albanese’s performance as PM, Guardian Essential poll finds

Survey suggests Australians want more action on cost of living and only 20% think the stage-three tax cuts should go ahead

The Guardian - AU

New Zealand scraps world-first smoking ‘generation ban’ to fund tax cuts

Health experts say axing plan to block sales of tobacco products to next generation will cost thousands of lives

The Independent UK

Autumn statement ‘set direction of travel’, says Chief Secretary to the Treasury

Laura Trott said the Conservatives wanted to ‘bring the tax burden down’ but would not say whether there would be future cuts.

The Independent UK

Tax cuts ‘start of a journey’, says Sunak

It comes after Jeremy Hunt used the autumn statement to announce major tax cuts.

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The Guardian - UK

‘Not going to help in any way’: Hunt’s tax cuts bring little joy to sole traders

Tradespeople taking their vans to Midlands garage say changes to national insurance are a drop in ocean as costs have soared

The Independent UK

Hunt’s tax cuts mean interest rates won’t drop until summer 2024, economists warn

National insurance cut risks Bank of England being more ‘hawkish’ in battle against inflation

The Guardian - UK

Which public services will suffer most to pay for Tory tax cuts?

Already squeezed criminal justice system, schools and local government would face painful cuts if chancellor’s sums are to add up

The Guardian - UK

Hunt’s tax cuts mean austerity ‘more painful’ than under Osborne, warns IFS

Thinktank says £20bn package of tax cuts would be mostly funded by deep reductions in public spending planned from 2025

The Independent UK

Hunt budget means spending cuts will be even more painful than austerity era, top economists warn

Public sector cuts will be ‘more painful’ than under Cameron and Osborne, says IFS – accusing Hunt of leaving ‘mother of a headache’ for next government

The Guardian - UK

Jeremy Hunt denies opting for pre-election ‘crowd-pleasing taxes’

Chancellor defends decision to cut national insurance by 2p, while Labour says rise in energy bills will absorb tax cuts

The Independent UK

Tax cuts give voters ‘clear choice’ at election – Hunt

The Chancellor defended his tax cuts after economists warned they would pile pressure on strained public services.

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