Some tax credits recipients will keep only 7p of every extra pound earned, says new analysis
‘Some people on tax credits will keep only 7p of every extra pound they earn following the cuts announced in last month’s Budget, a new analysis has revealed.
The finding by officials in the House of Commons Library could put a question mark over George Osborne’s claim that his measures will “make work pay.” Labour asked the officials to calculate the amount of state benefits someone would lose as their income rises if they earn more than the £10,600-a-year personal tax allowance and receive tax credits and housing benefit.’
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