THENATIONALPULSE (Pulse Wires) - UK PM Ditches Proposal to Cut Workers’ Taxes Soon After Taking Office.
New British Prime Andy Burnham has U-turned on plans to increase the tax-free personal allowance after just one day in office.
New British Prime Minister Andy Burnham has shelved a proposal to raise the tax-free personal allowance, citing financial challenges, despite having previously suggested the idea and growing voter concerns over the cost of living . PULSE POINTS WHAT HAPPENED: New British Prime Minister Andy Burnham has U-turned on proposals to increase the tax-free personal allowance, roughly equivalent to the Standard Deduction in the U.S., after assuming office. DETAIL: Prime Minister Burnham announced there would be no change to the tax-free personal allowance. The tax-free personal allowance is currently £12,570 (~$16,800), meaning earnings up to this amount are not subject to income tax unless you earn over £100,000 (~$134,000), at which point it…Open