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The tax cuts will benefit the rich.
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By *hagTonight OP Man
over a year ago
From the land of haribos. |
I was surpriced to know that liz admitted that the tax cut will benefit the rich more than the poor, she was asked in an interview, if she was prepared to be unpopular with her policies, she said: “Yes, yes I am", she added that "in norder to get that economic growth, britain has to be competitive" but what about the poor in the mean, how would they survive it, is she suitable as a pm, what is your view about it? |
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"I was surpriced to know that liz admitted that the tax cut will benefit the rich more than the poor, she was asked in an interview, if she was prepared to be unpopular with her policies, she said: “Yes, yes I am", she added that "in norder to get that economic growth, britain has to be competitive" but what about the poor in the mean, how would they survive it, is she suitable as a pm, what is your view about it?"
Just more Conservative rule. Nothing new. |
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1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses. |
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By *irldnCouple
over a year ago
Brighton |
Always follow the money. Who did Truss work for in the past? Which “think tanks” (ie lobby groups) is she supported, funded, influenced by? How does she, her colleagues, her cronies benefit from her policies either now or in future? Who will owe her a favour to be cashed in when she is no longer PM?
And before any if the true blue jump on this, I am not saying those wearing red or yellow ties never do this. But they are certainly less blatant and less shameless.
Champagne corks are popping for all those who shorted the £. Oil & Gas dividend payments will be delayed until after the tax cut kicks in etc etc |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses."
it won't sit in your pay packet for long. I've seen an estimate that the pound fall will cost you two quid for every tank of petrol. And that's for starters.
It's not what's is in your pay packet that matters. It's what is left (or not) at the end of the month. |
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By *irldnCouple
over a year ago
Brighton |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses."
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates! |
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By (user no longer on site)
over a year ago
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"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!"
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account. |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account."
has HMG said they are spending less money given they are taxing less? |
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By *irldnCouple
over a year ago
Brighton |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account."
The contradiction is the Govt and BoE being out of alignment.
As credit becomes more expensive due to base rate rises, less people and companies will take out loans but that means less money is being spent in the economy which is the opposite of what the Govt is saying is driving this reduction in tax because they want to fuel economic growth. |
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By *I TwoCouple
over a year ago
Cookstown |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account.
The contradiction is the Govt and BoE being out of alignment.
As credit becomes more expensive due to base rate rises, less people and companies will take out loans but that means less money is being spent in the economy which is the opposite of what the Govt is saying is driving this reduction in tax because they want to fuel economic growth."
Is it the drowning man's last gasp for breath? |
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By *irldnCouple
over a year ago
Brighton |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account.
The contradiction is the Govt and BoE being out of alignment.
As credit becomes more expensive due to base rate rises, less people and companies will take out loans but that means less money is being spent in the economy which is the opposite of what the Govt is saying is driving this reduction in tax because they want to fuel economic growth.
Is it the drowning man's last gasp for breath?"
I think it may well be. Just 18-24mths left to keep the gravy train on the tracks before it fully derails. |
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By *irldnCouple
over a year ago
Brighton |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account.
The contradiction is the Govt and BoE being out of alignment.
As credit becomes more expensive due to base rate rises, less people and companies will take out loans but that means less money is being spent in the economy which is the opposite of what the Govt is saying is driving this reduction in tax because they want to fuel economic growth.
Is it the drowning man's last gasp for breath?
I think it may well be. Just 18-24mths left to keep the gravy train on the tracks before it fully derails. "
Oh and just to add. All this additional govt borrowing needs to come from somewhere. So that is a nice little branch line for the gravy train as “bankers” pick up bonds/gilts for some long term steady guaranteed returns. |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
"Benefit everyone unless I have read it wrong "
interesting articles on the "stealth" tax from not changing tax bands.
Ppl lucky enough to get inflationary (or close to) payrises will pay more tax purely be because of inflation. Should these have been moved before the tax cuts ? |
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By *irldnCouple
over a year ago
Brighton |
"1 percent off PAYE and a reversal of the NI imcrease means more money in our pay packets and we wont be complaining. Screw the government and the so-called services that no amount of money seems to address as it all goes on middle management, consultants, and stupid enrichment courses.
You’re ok to be getting a 1 percentage point reduction on basic tax rate when those earning over £150k get a 5 percentage point reduction plus the 1 percentage point you are getting?
It also shows the Government and BoE are totally out of alignment and will be negating the actions of each other.
More money in the economy to stimulate growth = inflation.
BoE raise interest rates to reduce inflation = less money in the economy.
The myth of trickle down economics is once again going to be laid bare. All that extra money upper rate tax payers get to keep won’t be spent in the economy. It will be stuck into savings benefitting from increased interest rates!
I'm confused. Individuals spending their own money which the government hasn't taken off them causes inflation but the government taking money off individuals and spending it doesn't cause inflation?
On the one hand people spending money is going to cause inflation but then they aren't going to spend it because they are going to stick it in a savings account.
The contradiction is the Govt and BoE being out of alignment.
As credit becomes more expensive due to base rate rises, less people and companies will take out loans but that means less money is being spent in the economy which is the opposite of what the Govt is saying is driving this reduction in tax because they want to fuel economic growth.
Is it the drowning man's last gasp for breath?
I think it may well be. Just 18-24mths left to keep the gravy train on the tracks before it fully derails.
Oh and just to add. All this additional govt borrowing needs to come from somewhere. So that is a nice little branch line for the gravy train as “bankers” pick up bonds/gilts for some long term steady guaranteed returns."
You never know, maybe the huge windfalls being enjoyed by oil and gas extractors could now be used to bankroll some of the Govt debt providing long term financial security to those companies! |
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By *irldnCouple
over a year ago
Brighton |
I know why they didn’t do this as explained above and the removal of 45% rate benefits the very wealthy blah blah but...
If they were concerned about optics (clearly they aren’t) and really wanted to simplify tax (which actually would be a good thing) then just get rid of the tapered loss of the tax free personal allowance between £100-125k.
It was always a stupid idea. Just have progressive tax bands and that is it. |
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By *00STERMan
over a year ago
nearby |
Tax cuts will be better for people earning more just as tax increases will affect those who earn more more adversely. The only equal tax change that will affect everyone the same is increasing the tax free amount. |
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By *irldnCouple
over a year ago
Brighton |
"Tax cuts will be better for people earning more just as tax increases will affect those who earn more more adversely. The only equal tax change that will affect everyone the same is increasing the tax free amount. "
In absolute terms (ie the actual number of £ paid in tax) but the argument that supports progressive tax banding is that the poorest spend a disproportionally higher amount of their income on the essentials for life compared to the better off.
Personally I would argue for the return of the 10p tax band for the first band after the tax free allowance. Make it simple (inc one NI% for everyone):
£0-12,000 = tax and NI free for everyone.
£12,001-£24,000 = 10% tax + NI.
£24,001-£48,000 = 20% tax + NI.
£48,001-£96,000 = 32.5% tax + NI.
£96,001-£n = £45% tax + NI. |
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By *eroy1000Man
over a year ago
milton keynes |
"Benefit everyone unless I have read it wrong "
It does but as has been mentioned it benefits those that are already getting a higher wage more than lower paid people. It is true that those higher paid do pay more in tax in the first place but in my opinion they need a cut less. Even the 20p to 19p change could be classed in the same way as someone earning 40k will benefit more than someone earning 20k. |
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By *I TwoCouple
over a year ago
Cookstown |
"Tax cuts will be better for people earning more just as tax increases will affect those who earn more more adversely. The only equal tax change that will affect everyone the same is increasing the tax free amount.
In absolute terms (ie the actual number of £ paid in tax) but the argument that supports progressive tax banding is that the poorest spend a disproportionally higher amount of their income on the essentials for life compared to the better off.
Personally I would argue for the return of the 10p tax band for the first band after the tax free allowance. Make it simple (inc one NI% for everyone):
£0-12,000 = tax and NI free for everyone.
£12,001-£24,000 = 10% tax + NI.
£24,001-£48,000 = 20% tax + NI.
£48,001-£96,000 = 32.5% tax + NI.
£96,001-£n = £45% tax + NI."
So you favour REDUCING the tax free amount ? Strange way to help the less well off  |
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By *AFKA HovisMan
over a year ago
Sindon Swingdon Swindon |
"Tax cuts will be better for people earning more just as tax increases will affect those who earn more more adversely. The only equal tax change that will affect everyone the same is increasing the tax free amount.
In absolute terms (ie the actual number of £ paid in tax) but the argument that supports progressive tax banding is that the poorest spend a disproportionally higher amount of their income on the essentials for life compared to the better off.
Personally I would argue for the return of the 10p tax band for the first band after the tax free allowance. Make it simple (inc one NI% for everyone):
£0-12,000 = tax and NI free for everyone.
£12,001-£24,000 = 10% tax + NI.
£24,001-£48,000 = 20% tax + NI.
£48,001-£96,000 = 32.5% tax + NI.
£96,001-£n = £45% tax + NI.
So you favour REDUCING the tax free amount ? Strange way to help the less well off "
I CBA to do the maths, but wouldn't the band being NI free for longer mean overall you pay less ? |
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By *irldnCouple
over a year ago
Brighton |
"Tax cuts will be better for people earning more just as tax increases will affect those who earn more more adversely. The only equal tax change that will affect everyone the same is increasing the tax free amount.
In absolute terms (ie the actual number of £ paid in tax) but the argument that supports progressive tax banding is that the poorest spend a disproportionally higher amount of their income on the essentials for life compared to the better off.
Personally I would argue for the return of the 10p tax band for the first band after the tax free allowance. Make it simple (inc one NI% for everyone):
£0-12,000 = tax and NI free for everyone.
£12,001-£24,000 = 10% tax + NI.
£24,001-£48,000 = 20% tax + NI.
£48,001-£96,000 = 32.5% tax + NI.
£96,001-£n = £45% tax + NI.
So you favour REDUCING the tax free amount ? Strange way to help the less well off "
I believe in massively simplifying the tax code in the UK which is one of THE most complex and convoluted in the world. Complexity builds in opportunities to exploit loopholes.
I was going for factors of 12 and like any tax band there is some mild pain as you cross the boundary but reintroducing a 10p band means the “cliff edge” is hugely reduced and therefore someone earning £12-24k will pay less tax than they do at present.
If we ran the maths properly rather than back of fag packet we might conclude that the bands should be in factors of 15. The principle remains. |
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Just to add to earlier comment. We are of course under no illusion things are going to be very very rubbish for us all. Saving for a rainy day is pointless so we'll be focussing on paying the mortgage while using as little fuel as possible. Its going to be hard but doable. |
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By *irldnCouple
over a year ago
Brighton |
"Liz will drive the country to the ground, bring back boris.
Boris also drove the country into the ground, both are/were awful "
Cameron dug the hole
May couldn’t decide what to do with it
Johnson jumped in both feet pulling everyone else in with him
Truss is reaching out and pulling the soil down on top of us with her bare hands
It will be an unmarked grave! |
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By *hagTonight OP Man
over a year ago
From the land of haribos. |
"Liz will drive the country to the ground, bring back boris.
Is Liz worse than Boris?Yes. I think so, do you?
Honestly don't know. It's too soon to say for me. "
Yes, we will see what will happen, but it is not a good start. I think that she didnt listen to the financial ministers advice and went her own way with this tax cut, lets hope that the pound wont fall to low  |
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"Liz will drive the country to the ground, bring back boris.
Is Liz worse than Boris?Yes. I think so, do you?
Honestly don't know. It's too soon to say for me. Yes, we will see what will happen, but it is not a good start. I think that she didnt listen to the financial ministers advice and went her own way with this tax cut, lets hope that the pound wont fall to low "
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