Will Truss Tax Cuts Save The Country?

“On 6 September 2022, Liz Truss became the new Prime Minister of the United Kingdom. After Boris Johnson, who has served from 2019 to 2022, now, she will take Britain to a new path of success.”

Liz Truss spoke her positive mindset to the people of Britain after getting the position of Prime Minister. She talked about Truss tax cuts, energy bills, and so on. Let’s know more about her campaign pronouncements for the country, its advisers, and taxpayers.

From now, people’s eyes will be on the fruition of her campaign promises. She promised to reform the country better. Moreover, the main highlight for the taxpayers is the Truss tax cut. She kept repeating the words “tax cuts, not handouts.” Recent press interviews show that with the Truss tax cut, she might freeze energy prices and provide more extensive handouts.

After Covid, the economy has gone down worldwide. But the main point is to recover from it and work towards growth. Truss also has ideas that can significantly impact building the country for challenging situations. There are some points where she is planning benefits for the whole country, the taxpayers, and advisers. The work will get done on the Truss tax cut and employee national insurance contributions.

Her thoughts are to reward the hard work and improve business-led growth and investment. The country expects that the Truss tax cut will be the best step for betterment. Many suggestions are also there that she might seek to cut the top tax rates. It is supposed to help the people at the bottom of society. It is because the rich will pay more.

A recent interview of Liz Truss for BBC opens up various areas where she will work. She states to make sure that people will not face unaffordable energy bills. Besides, together she will start building hospitals, schools, and roads of broadband. She also said we shouldn’t be daunted by the challenges we face.

Liz Truss is confident about the Truss tax cut and rebuilding the economy. She also strongly motivated the listeners:

“As strong as the storm may be, I know that the British people are stronger.”

Coming again to the Truss tax cut, we can say that it is good for headlines. However, the reduced fuel duty leads to savings and can pass on to the consumers. At the same time, the real winners will be multinational conglomerates who will enjoy profits. But they will not pay taxes in our country. So, it does not seem that encouraging from the economic factor. However, it can be good for accountants, as the new Truss tax cut regulation can bring additional fees. One minor concern can be seen here: what if the rates go way down? It might create a situation where clients might not be willing to pay all for advice to mitigate taxation. So, the Truss tax cut is in the planning right now. Soon, we can see what Liz Truss will do to make it a success.