There is a significant mismatch between the positive feelings when the Tories were so soundly beaten and the growing disappointment with announcements continuing the cap on child benefit and the ending of a universal winter fuel payment to those receiving a state pension (Pressure grows on Rachel Reeves to end two-child benefit cap in next budget, 21 August). Although the Labour leadership consistently stated that if they won the election they would not raise taxes, friends and foes alike believed that that was an unrealistic commitment that would have to be broken once the new government learned the true state of the national finances. But Rachel Reeves’s determination to be seen as a prudent chancellor may be boxing her into a corner, where she will only have room for relatively small technical changes to our loophole-laden tax system. This will not address the long-term neglect that has brought so many public services to their knees. An early announcement of a wealth tax, similar to that which the Green party had proposed, would steady the ship and would be more popular than “steady as she goes”. Les Bright Exeter As a contribution towards filling Rachel Reeves’s budgetary black hole, I am prepared to forgo the 25p per week of extra pension that I have been receiving since I turned 80 (What personal tax rises might Rachel Reeves introduce to ease UK deficit?, 21 August). Where did this idea come from? Was it five shillings, but never uprated? Was it based on research? If so, did it indicate that 80-year-olds really do need an additional pension amount – in which case the extra might need to be more than 25p. The autumn budget gives an opportunity to sort out this anomaly, and if the 25p is ditched, it will save on the admin too. David Lane Wakefield I have a suggestion for Rachel Reeves. investment in self-invested personal pensions (Sipps) totals £500bn in Britain. Those who are retired tend to draw on other funds before their Sipp because they would pay tax on any money they take from it. Also, their Sipp is not subject to inheritance tax but can be passed to others who also only pay tax on drawings. Tax is saved when people invest in pensions and, for normal pensions, this tax is paid later in retirement when the pension is received. My suggestion is that owners of Sipps should be required to draw at least 5% of their Sipp each year once they are retired and that, on death, the Sipp is added to the estate. Robert East Crouch End, London Would someone please suggest to Rachel Reeves that she introduces a 65% income tax band for earnings above £1m per year. That should raise about £232m from the 580 premier league footballers whose average earnings are more than £3m. Add to that the many CEOs and financiers, and the many entitled people whose earned or unearned income exceeds £1m. There should then be more than enough to pay for scrapping the two-child benefit cap. Michael Goodhart Grantchester, Cambridgeshire