UK Raises Tax Burden to Highest Peacetime Level
Britain’s tax burden will reach its highest-ever peacetime level after Chancellor of the Exchequer Jeremy Hunt announced his latest budget yesterday. The government will soon take 37.5 percent of the economy in taxes, a level not seen since World War ii. In the United States, the figure is roughly 27 percent.
Who it affects: Tax hikes will hit all working families, but especially the wealthy. Those who don’t work will see their incomes rise. Unemployment benefits and pensions will rise in line with inflation instead of average earnings. So those not working will see their income jump by over 10 percent, while those at work will have their much smaller pay raises eaten up by tax increases.
Why now? Debt is at the heart of these tax increases, and it is expected to reach a 63-year high in 2025. The government is borrowing half a billion pounds every day. Rising interest rates mean that interest payments will be the largest item of government spending, except for the National Health Service.
The Trumpet said: Trumpet executive editor Stephen Flurry wrote in “The King of Debt”:
Living according to the spiritual principle of giving produces prosperity. Borrowing is about getting for self, regardless of the consequences. God says in Acts 20:35 that it is more blessed to give than receive. If you are giving, God says you will be blessed. If you are living within your means, saving, managing and preparing for the future and thinking about your children, then you will be blessed!
Psalm 37:21 says, “The wicked borrows, and cannot pay back, but the righteous is generous and gives” (Revised Standard Version).
As a nation, we have dug ourselves into a pit from which we will not escape, purely because of selfishness and greed.
Britain is starting to realize that it has put itself into a pit with no easy way out.