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I hope all those who voted conservative are happy with the chancellors decision to award the rich with a generous amount of £45 grand a year tax brake goodpost
I hope all those who voted conservative are happy with the chancellors decision to award the rich with a generous amount of £45 grand a year tax brake goodpostIts worth £7,500 to someone earning £150,000 ! Not quite sure what you are on about !!
34’s confusion aside…What if you earn 149,000 a year, is that not better than earning 150,000+ to a certain figure that I cant be bothered working out ! But you know what I mean with the tax rate being lower ?I hope all those who voted conservative are happy with the chancellors decision to award the rich with a generous amount of £45 grand a year tax brake goodpost
Its worth £7,500 to someone earning £150,000 ! Not quite sure what you are on about !!
34’s confusion aside…What if you earn 149,000 a year, is that not better than earning 150,000+ to a certain figure that I cant be bothered working out ! But you know what I mean with the tax rate being lower ?[/quote]I dont think you quite grasp what I’m going on about I was referring to millionaires but then again if you thought that the £150,000 is worth £7500 per week or is it per annum ?
I hope all those who voted conservative are happy with the chancellors decision to award the rich with a generous amount of £45 grand a year tax brake goodpostI assume you read the headlines rather than understanding the facts of what is actually happening. The majority of people earning in that tax bracket move their salary into pensions and pay no tax for sums over £150k, they also transfer their salaries into company accounts and only pay 24% corporation tax.
The point of the change is to bring the UK in line with the rest of the western world and provide a tax level that would encourage people to pay and not avoid.
Nice to see Labour on the radio refusing to coimmit to increading this back to 50%.
What about those people (2m of them) who want have to pay tax at all now the lower threashold has been risen?
I hope all those who voted conservative are happy with the chancellors decision to award the rich with a generous amount of £45 grand a year tax brake goodpost
I assume you read the headlines rather than understanding the facts of what is actually happening. The majority of people earning in that tax bracket move their salary into pensions and pay no tax for sums over £150k, they also transfer their salaries into company accounts and only pay 24% corporation tax.
The point of the change is to bring the UK in line with the rest of the western world and provide a tax level that would encourage people to pay and not avoid.
Nice to see Labour on the radio refusing to coimmit to increading this back to 50%.
What about those people (2m of them) who want have to pay tax at all now the lower threashold has been risen?[/quote]
Those 2 million must be rejoicing in there windfall considering that this token jesture will be swallowed up in rising food prices due to fuel eh
I am better off as a result of this budget and I am sure the majority on here will be able to say the same. I was never once able to say that under the New Labour government despite having unprecedented world growth. If it were still Gordon Brown in office, we’d all be talking about yet more stealth taxes.
I am better off as a result of this budget and I am sure the majority on here will be able to say the same. I was never once able to say that under the New Labour government despite having unprecedented world growth. If it were still Gordon Brown in office, we’d all be talking about yet more stealth taxes.By stealth taxes do you mean the granny tax he quietly hid among all the rhetoric he was spouting
I hate to be pedantic but there has not actually been any new taxes or increased taxes aimed at pensioners. In fact, the basic pension rate has risen under the recent budget. The controversy comes whereby the current rate that pensioners pay tax on income is £10500. This will remain the case for all current pensioners. People turning 65 as of 2013 will pay tax on income over the new £9205 rate (as like everybody else).
I’d just like to clarify that in principle I am totally against penalising pensioners like this and don’t particularly agree with it. However, you also have to consider, unlike what the newspaper grabbing headlines are doing, that this will only affect people just turning 65, and come 2014 the new rate at which people pay tax on income is likely to increase further to £10000.
In summary, it’s only likely to be a temporary unfairness towards a minority until everybody is at the same tax threshold. Not the best political decision in the world really as people love slogans like ‘granny tax’ for their headlines. Personally, I’d have been fine with the threshold changing had the basic pension been raised even further at the expense of people earning a penny below £50k per year getting full child benefits. I think it’s crazy that we should have to give money to people for having kids who can clearly afford to spoil them rotten anyway. Politically, I don’t think too much was alterered with social benefits because of all the election promises and the fear of giving the oposition a bone to chew on.
This tax was that popular even the most tory supporting newspapers were outraged at such a tax but dont forget what I said earlier no one is better off from this budget if you think the average joe is £180 a year better off think again
I don’t see how you come to that conclusion. The income tax threshold change makes people £220 better off in cash terms. That apparently equates to £170 per year in ‘real terms’ for somebody on the basic rate of tax. Even if it did equate to nothing or next to nothing in real terms as I think you are argueing, I would not consider that to be a tragedy considering the state the country is in. I’m surprised I’m getting anything out of this budget if I am honest.
I was merely referring to the claim that anybody who thinks they are better off with this budget is mistaken that figure if true makes some one better off by £1.35 a week hardly a win fall wouldn’t you say compared to the large windfall the millionaires have got
I was merely referring to the claim that anybody who thinks they are better off with this budget is mistaken that figure if true makes some one better off by £1.35 a week hardly a win fall wouldn’t you say compared to the large windfall the millionaires have gotPretty much every budget taxes go up, including the significan stealth taxes Labour have introduced over the years.
Not sure how to make this clearer for people. When earning over £150k, most people would put that money into their pension rather than take as salary, so we go no tax at all, so this tax move it to encourage people to do so.
Increased stamp duty for those selling properties over £2m will hit the wealthy and they now cant hold these properties in off shore companies. That must have been great for the Rich !
I don’t see how you come to that conclusion. The income tax threshold change makes people £220 better off in cash terms. That apparently equates to £170 per year in ‘real terms’ for somebody on the basic rate of tax. Even if it did equate to nothing or next to nothing in real terms as I think you are argueing, I would not consider that to be a tragedy considering the state the country is in. I’m surprised I’m getting anything out of this budget if I am honest.So basically I am £18.33 a month better off when I receive my salary & I should be thankful for it?
It’s a mutha suckin drop in the ocean back considering the 2.5% increase in VAT a budget or so back means I’m far worse off “in real terms” than I was
Add that to my pay freeze, the school i work at having its budget stripped bare then I’m so glad that Mr Osbourne saw fit to reduce the top rate of tax by 5% coz those in that bracket must have really been struggling – or are we returning to the “trickle down economics” although I prefer to call it fighting for the crumbs that fall off the rich man’s table?
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