Johnson to Set Out $14 Billion Tax Hike to Fund Social Care

• British Prime Minister Boris Johnson set out plans on Tuesday to raise taxes on workers, employers and some investors to try to fix the health and social care funding crisis. The government is likely to confirm plans to go ahead with a 10 billion pound ($14 billion) tax increase.
• The move aimed at tackling the backlog in Britain's health system, which has seen millions waiting months for treatment from the state-run National Health Service, after resources were refocused to deal with COVID-19.
• The government on Monday announced an extra 5.4 billion pounds ($7.5 billion) for the NHS in England over the next six months to help bring down waiting lists and bolster the COVID-19 response.
• A 10 billion-pound boost to social care funding would require employees and employers each to pay an extra 1% in national insurance. Business groups say the extra burden could deter firms from hiring. A similar amount could be raised by adding just under 1.5 percentage points to the basic and higher rates of income tax.

(Source: Investing.com)