Government faces questions over tax rises
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When the survey first launched in Q3 2020, about half (50%) of middle-income Americans said their income was falling behind the cost of living. Today, more than two-thirds (69%) hold this view — a statistic that has remained relatively stable for nearly two years, underscoring the ongoing strain on budgets.
Chancellor Rachel Reeves is widely expected to announce some tax rises in the Budget on 26 November. This is despite Labour's pledge before the 2024 election that it would not increase income tax, National Insurance (NI) or VAT for working people.
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