Economic Developments: Reduction of Taxes under Thatcher's Government Flashcards
1
Q
How much was income tax for higher earners in 1979?
A
83%
2
Q
How much was income tax for higher earners in 1980?
A
60%
3
Q
How much was income tax for higher earners in 1988?
A
40%
4
Q
How much was income tax for standard earners in 1979?
A
33%
5
Q
How much was income tax for standard earners in 1980?
A
30%
6
Q
What 2 things did taxes increase on throughout Thatchers’ terms?
A
Cigarettes and Alcohol
7
Q
What was the situation for cigarette and alcohol taxes?
A
They were increased in every single budget from 1979 to 1987
8
Q
What form of taxation was introduced more during Thatcher’s time as PM?
A
Indirect Taxation
9
Q
Name a form of indirect taxation
A
VAT
10
Q
What was VAT at in 1979?
A
8%
11
Q
What was VAT at in 1980?
A
15%
