Reeves under pressure to break Labour’s manifesto pledge by targeting high earners

• Rachel Reeves, the Chancellor, is under pressure to break Labour's manifesto pledge by increasing income tax for high earners.
• This potential tax raid aims to fill a Budget black hole estimated to be between £30bn and £40bn.
• Discussions include raising the 45p top rate of income tax or lowering its threshold from £125,140 to around £100,000.
• Experts warn that increasing the top rate may not generate substantial revenue and could create complex, high effective tax rates for some earners.
• Other tax changes being considered include a gambling tax and adjustments to capital gains taxes, amidst internal cabinet disagreements.

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Rachel Reeves under pressure to target high earners in Budget tax raid