How a tax cut for the wealthy almost tanked the UK economy

The original plan proposed cutting the taxes for top income earners from 45 per cent to 40 per cent

to near parity with the U.S. dollar — something that hasn’t happened since the mid-1980s.

But why did the markets react that way to a budget? And what was Truss trying to do in the first place? Lucille Perreault is a researcher at the Sprott School of Business at Carleton University, and she specializes in taxes. She explains the economics at work and what Canada can learn from the fallout.

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