By bizn_fun 
If Reeves increases income tax it will be the first rise in the rate since 2010, when Labour introduced a 50% additional rate on incomes over £150,000 which was reduced to 45% by the coalition government.
Currently, Income tax is charged on earnings above the personal allowance of £12,570, which is tax-free.
The basic rate of 20% applies to income between £12,571 and £50,27, while earnings from £50,271 to £125,140 are taxed at the higher rate of 40%. Income above £125,140 is subject to the additional rate of 45%.
These thresholds apply to most taxpayers in England, Wales and Northern Ireland, while Scotland has a separate system.
The Guardian reported that Treasury officials are in “active discussions” about adding 1p to the basic rate of income tax, which could raise more than £8bn as well – as looking at increasing higher rates for top earners.
The basic rate of income tax has not been raised since the 1970s.