The Socialist goes to press before the full details of Tory chancellor Jeremy Hunt’s Autumn Statement are known. But we know one thing, the Tory party won’t be fiddling around with tax rates to benefit the majority of working-class people.
Freezing income tax bands until 2027-28 means more and more of the lowest paid are being forced into paying tax – four million more workers are expected to pay tax for the first time by 2025. This ‘fiscal drag’ mean workers will be worse off, as the cost of goods has gone up and wage rises have had to be fought for. On top of that, many of us will be forced to pay more in tax.
Unlike the super-rich, we can’t afford expensive accountants to hide our money and avoid tax. We need to fight collectively for pay rises to fight the cost-of-living crisis and for a different kind of society – a socialist society. One that’s not rigged against the majority of us but one where we can democratically use the resources hoarded by the super-rich for the genuine good of us all.