Government dismisses criticism of tax cuts as ‘politics of envy’

24.09.2022 - 16:17 manchestereveningnews.co.uk

The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich.

Labour accused Prime Minister Liz Truss and Chancellor Kwasi Kwarteng of gambling with people’s finances in “casino economics” and said their “trickle-down” approach will leave the next generation worse off, PA reports.

Using more than £70 billion of increased borrowing, Mr Kwarteng on Friday unveiled the biggest programme of tax cuts for 50 years, including abolishing the top rate of income tax for the highest earners. READ MORE: Tax change calculator: See how your wage will be affected by the mini-budget The Resolution Foundation think tank said Mr Kwarteng’s package will do nothing to stop more than two million people falling below the poverty line.

Analysis of the mini-budget by Resolution Foundation said “only the very richest households in Britain” will see their incomes grow as a result of the tax cuts.

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The BCCI could lose around Rs 955 crore (USD 116 million) if the central government sticks to its decision to levy 21.84 percent tax surcharge on ICC's broadcast revenue from the 2023 ODI World Cup, according to a Board report. India is to host next year's 50-over showpiece in October-November. Tax surcharge refers to "an additional charge, fee, or tax that is added to the cost of a good or service beyond the initially quoted price". A surcharge is often added to an existing tax and is not included in the stated price of the good or service. As per ICC norm, the host nation is required to get tax exemption from the government for hosting tournaments organised by the global body.

‘He’ll score runs’: Moeen Ali dismisses fears over Ben Stokes’s form with bat

Moeen Ali has dismissed concerns about Ben Stokes’s form with the bat with the T20 World Cup close. He believes England’s red-ball captain, who has yet to make it to double figures or to score at more than a run a ball during the warm-up series against Australia, contributes so much in the field that he deserves his place in the side anyway.

Long-awaiting new leisure centre shelved due to budget cuts and spiralling inflation

Plans for a long-awaited leisure centre in Salford have been shelved because of anticipated cuts to the city council's budget. City council chiefs have put the £20 million building of Pendleton Leisure Centre on the back burner following Chancellor Kwasi Kwarteng's announcement of a potential £18billion of public spending cuts.

Philippine Court Dismisses Tax Case Against Manny Pacquiao

Philippine boxing legend Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him. Pacquiao and his wife Jinkee had been accused by the Bureau of Internal Revenue in 2012 of owing more than 2.2 billion pesos ($37 million) in unpaid taxes for 2008 and 2009. The 43-year-old previously insisted he had paid the taxes in the United States, so did not need to do so in the Philippines because the two countries have an agreement allowing their citizens to avoid double taxation.

Philippine court dismisses tax case against Manny Pacquiao

Manny Pacquiao on Friday won a years-long court battle to avoid paying tens of millions of dollars in extra taxes after an appeals court dismissed the case against him. Pacquiao and his wife Jinkee had been accused by the Bureau of Internal Revenue in 2012 of owing more than 2.2 billion pesos ($37 million) in unpaid taxes for 2008 and 2009. The 43-year-old previously insisted he had paid the taxes in the United States, so did not need to do so in the Philippines because the two countries have an agreement allowing their citizens to avoid double taxation.