| Middle earners in Guernsey could be hardest hit by reforms to fill an anticipated �45m budget shortfall as a result of cuts to corporation tax. A working party is suggesting the upper limit on social security contributions of people who earn �60,000 is raised. The rate would also go up to 7% for employers and employees. This is expected to raise �35m with the rest coming from minor tax rises and spending on capital projects being cut to �15m a year.
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