ewerk 26545 Posted March 21, 2012 Share Posted March 21, 2012 Or to the people that can no longer get social housing. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 (edited) Well if you are currently paying tax and are going to be taken out of it altogether....... Go on Edited March 21, 2012 by Happy Face Link to comment Share on other sites More sharing options...
Dr Gloom 19865 Posted March 21, 2012 Share Posted March 21, 2012 this is without doubt a tory budget. clegg proving yet again he has lost all credibility. the biggest winners are the top 1 per cent of the population who are going to be considerably better off thanks to the cut in the 50p top rate of income tax rate. clegg's claim that this is a robin hood budget is desparate. his so-called tycoon tax will be forgotten about in no time and the deal on the mansion tax could and should have gone much much further to justify his concession over the 50p rate. proves, as gemmil pointed out, that the man gave up his principles, his party and his supporters at the first whiff of power. meanwhile the savagely aggressive cuts will continue and whatever way osborne dresses it up, we're still looking at those two extra years of austerity. a lost decade basically. nice one george. Link to comment Share on other sites More sharing options...
Christmas Tree 3997 Posted March 21, 2012 Author Share Posted March 21, 2012 Well if you are currently paying tax and are going to be taken out of it altogether....... Go on ? Link to comment Share on other sites More sharing options...
Gemmill 34777 Posted March 21, 2012 Share Posted March 21, 2012 Good stuff from the Guardian here - breaking down each facet of the budget to get to the truth of the matter (which basically amounts to mythbusting the ridiculous Robin Hood budget claims). One for Chandelier Tits to have a read of. http://m.guardian.co.uk/ms/p/gnm/op/s08dJKDoAYVz5iLRAfqL-dQ/view.m?id=15&gid=politics/reality-check-with-polly-curtis/2012/mar/21/budget-2012-all-in-this-together&cat=politics Link to comment Share on other sites More sharing options...
Christmas Tree 3997 Posted March 21, 2012 Author Share Posted March 21, 2012 (edited) Good stuff from the Guardian here - breaking down each facet of the budget to get to the truth of the matter - Before we've even had the budget Unbelievable Edited March 21, 2012 by Christmas Tree Link to comment Share on other sites More sharing options...
Gemmill 34777 Posted March 21, 2012 Share Posted March 21, 2012 Some of it's already known, you clown. Link to comment Share on other sites More sharing options...
Dr Gloom 19865 Posted March 21, 2012 Share Posted March 21, 2012 Good stuff from the Guardian here - breaking down each facet of the budget to get to the truth of the matter - Before we've even had the budget Unbelievable it's been trailed since the weekend you man breasted bafoon. there are unlikely to be any big surprises. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 (edited) Well if you are currently paying tax and are going to be taken out of it altogether....... Go on ? The poor is a very broad term. You said they'd get a 10% tax cut, then related it to those who are being lifted out of tax altogether...which is a 100% reduction. I get the impression you don't know what cuts are being given to who. The way I read it, it's a very narrow band of people who save. Nobody earning less than £620 (the poorest of the working poor) and nobody earning more than £750 a month. Edited March 21, 2012 by Happy Face Link to comment Share on other sites More sharing options...
Christmas Tree 3997 Posted March 21, 2012 Author Share Posted March 21, 2012 Some of it's already known, you clown. Not each facet then? Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 Aye, what sort of cock-end starts a discussion on the pros and cons of the budget before the details are even announced? Link to comment Share on other sites More sharing options...
Christmas Tree 3997 Posted March 21, 2012 Author Share Posted March 21, 2012 The poor is a very broad term. You said they'd get a 10% tax cut, then related it to those who are being lifted out of tax altogether...which is a 100% reduction. I get the impression you don't know what cuts are being given to who. The way I read it, it's a very narrow band of people who save. Nobody earning less than £620 (the poorest of the working poor) and nobody earning more than £750 a month. Surely there is a sliding scale of poor receiving tax cuts from 10% to 100%. Wouldnt you agree? Link to comment Share on other sites More sharing options...
Gemmill 34777 Posted March 21, 2012 Share Posted March 21, 2012 Some of it's already known, you clown. Not each facet then? They're continuing it throughout the day, as you'd know if you clicked the link, you manboob bonanza. Link to comment Share on other sites More sharing options...
Ruler of Planet Houston 1 Posted March 21, 2012 Share Posted March 21, 2012 Only CT could view the removal of the 50p rate for top earners and the cut in corporation tax that will fund NHS cuts as a good deal for the poor. The change in the threshold to £9000 will save anyone earning it £125 a year....£10 a month. Let them eat cake. According to my calculations, it will knock over £400 off my tax bill each year. I welcome it! Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 Only CT could view the removal of the 50p rate for top earners and the cut in corporation tax that will fund NHS cuts as a good deal for the poor. The change in the threshold to £9000 will save anyone earning it £125 a year....£10 a month. Let them eat cake. According to my calculations, it will knock over £400 off my tax bill each year. I welcome it! I think this is the tax threshold being increased, not the tax allowance. £6475 - allowance everyone gets, unchanged. £7445 - Threshold, people that earn less than this pay nothing. Increased to £9k. If you earn over £9k, you save nothing. Thought your business was paying you a better wage than that Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 (edited) The poor is a very broad term. You said they'd get a 10% tax cut, then related it to those who are being lifted out of tax altogether...which is a 100% reduction. I get the impression you don't know what cuts are being given to who. The way I read it, it's a very narrow band of people who save. Nobody earning less than £620 (the poorest of the working poor) and nobody earning more than £750 a month. Surely there is a sliding scale of poor receiving tax cuts from 10% to 100%. Wouldnt you agree? No. People that earn between £620 a month and £750 a month get 100% of their tax. No one else saves anything, unless they're in the top band, they get back 10% of it. Another way to look at it is the effective overall tax rate of someone earning under £9k. with their allowance it comes out between 2% and 5%, so they're getting a 2% to 5% drop on the sliding scale (down to zero). Those in the top band (where the allowance is so small as to be ineffective) are getting a 5% cut across the board (50% to 45%)...a better deal than the vast majority of the poor. Edited March 21, 2012 by Happy Face Link to comment Share on other sites More sharing options...
Ruler of Planet Houston 1 Posted March 21, 2012 Share Posted March 21, 2012 No, the tax threshold and allowance is exactly the same thing. Therefore everyone currently gets taxed on all money after their first £7475 per annum - and will be getting taxed only on income over the £9205 soon. I pay myself a salary of £7475, thus not needing to pay any income tax. I then pay corporation tax on my business profit and can help myself to dividends at any time. It's the way most Ltd company directors do it if they aren't bothered about impressing banks with a high salary. So I will be upping my salary to £9205 with no income tax and my corporation tax should drop as profits will be less. If you are employed and earn £30,000, you will only be taxed on £20,795 since the £9205 is the new allowance/threshold Link to comment Share on other sites More sharing options...
Ruler of Planet Houston 1 Posted March 21, 2012 Share Posted March 21, 2012 Kind of explains it better than I did in the news article here http://www.bbc.co.uk/news/uk-politics-17450719 Link to comment Share on other sites More sharing options...
Ruler of Planet Houston 1 Posted March 21, 2012 Share Posted March 21, 2012 Oh! And the way I work it out is 9205 - 7475 = 1730 1730 / 4 = 432.50 So I should save £432.50 per year off my tax bill - as would everyone else (loosely based on the 'your tax is aboot a quarter of yer profit!' idea which is pretty close) Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 Right you are....misread Wikipedia combined with a lack of understanding of tax. Glad I'm on PAYE Link to comment Share on other sites More sharing options...
Ruler of Planet Houston 1 Posted March 21, 2012 Share Posted March 21, 2012 aye..but you should still also benefit £300-£400 per annum even on PAYE Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 aye..but you should still also benefit £300-£400 per annum even on PAYE Yeah, I just meant i'm glad i don't have to do the sums. Point stil stands for CT though. Anyone earning less than £7.5k is no better off and EVERYONE above it is. The allowance is such a small amount for Wayne Rooney as to be insignificant, so he gets his rate of tax slashed when no-one else does. Poorest - £0 - £7.5k No better off. Middle earners - £7.5k - £150k £0 - £400 better off Top earners - £150k to whatever £400 - huge sums better off (like a top flight footballer on £10m a year, will be £500k better off) Link to comment Share on other sites More sharing options...
ewerk 26545 Posted March 21, 2012 Share Posted March 21, 2012 How much more can you do to help people earning under £9k? Link to comment Share on other sites More sharing options...
Happy Face 29 Posted March 21, 2012 Share Posted March 21, 2012 (edited) How much more can you do to help people earning under £9k? None more black. Those on 9k-20k could get a hand rather than those over £150k though. Still, at least it'll be a bit easier to encourage Europes top players to the club Edited March 21, 2012 by Happy Face Link to comment Share on other sites More sharing options...
Craig 6312 Posted March 21, 2012 Share Posted March 21, 2012 Tabs going up 37p a packet at 18:00 - there's already a mass exodus of smokers out of our office off to the shops! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now