Suggestions

:speech_balloon:

Allow tax brackets to remain fixed despite inflation

Currently tax brackets are being automatically adjusted for inflation.

It would be great to have the option to have them fixed forever or have them move less that inflation

e.g current UK chancellor has fixed these from 2023 and 2025 meaning as wages grow more and more people will start paying tax or move into higher brackets.

Having them rise with inflation is just too optimistic and tax as such import impact on your financial goals.

Would rather have plans that are by default slightly pessimistic!

5 votes

Tagged as Suggestion

Suggested 15 September 2023 by user Michael Cox

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  • 15 September 2023 Michael Cox suggested this task

  • 15 September 2023 Kyle Nolan approved this task

  • avatar
    J Z

    Ideally the UI would today already show an indication that the configured values are in “Today’s currency”, rather than “Actual Currency”.

    27 August 2024
  • avatar
    J Z

    I agree that indexing them is too optimistic, especially for shorter term plans.

    A workaround would be to set the thresholds a little lower than the legislated ones.

    27 August 2024
  • avatar
    Kirsty Peel

    Same deal in New Zealand - we have just had tax thresholds adjusted (so your brackets need adjusting - sent an email re this) but this was first time in many years - be good to have an option to keep static

    01 September 2024