As part of the evidence the Council based its deliberations on, we modelled the impact of various suggested changes to tax and benefits on households in the UK. These might include, for example, lowering or raising tax on income or wealth, introducing or withdrawing cost of living support, freezing or uprating the state pension.
Below is a simplified version of the software we used for you to try out yourself. You can enter in a few basic details about your household and find out what effect changes to taxation and benefits could have on you, and what the effect on the nation's finances might be.
The taxation of wealth is an important topic that the Council will be considering, as, arguably, wealth is under-taxed compared to wages. You can find another simple modelling tool here which allows you to propose different ways of taxing wealth, from one-off ‘windfall’ taxes, to inheritance and capital gains taxes.
The above is a simplified version of Policy Engine's main policy reform simulator. You can visit their site to try out more complicated policies and get a fine grained understanding of how changes in taxation and benefits affect households and the UK economy.
