Tax Changes – Think Tank Report
According to the Resolution Foundation think-tank some middle income families could be up to £2800 worse off after tax cuts/changes take effect.
The report found that 700,000 middle income earners will be paying the top rate of tax as a result of changes to the budget.
A couple with two children and a household income of £42,000 stands to lose £2,800.
Those earning between £15,000 and £58,000 will lose an average of £435 a year from 2012 as a result of cuts to the Child Tax Credit. This figure rises to an average of £600 for families in London. In some instances families could lose as much as £1,300 a year.
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