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Inevitable tax rises after this is over ? on 18:39 - Apr 17 by bluefunk
They will pick from these among others, especially those which aren’t immediately apparent at the time of announcement. If there is a basic rate increase, it’ll be trailed as “to pay for the NHS” in some way
Limit pension tax relief to basic rate (raises billions but nobody notices at first) Raise NI contributions for the Self employed (trailed that) Transaction tax on all financial transactions ( not a new idea but nobody would care as its on someone else - it isn’t really but hey ho) Cease the “triple lock” increases in state pensions (the old have to pay for all this, not just the young) Limit increases in personal allowances Raise “environmental” taxes (a very wide field)
I had no idea what the triple lock was until last week as pensions I am baffled over.
Sounds fair and reasonable and like something that was totally needed. Nawt.
Inevitable tax rises after this is over ? on 19:36 - Apr 17 by monytowbray
I had no idea what the triple lock was until last week as pensions I am baffled over.
Sounds fair and reasonable and like something that was totally needed. Nawt.
Callis, as a young(ish) person I hope you are saving for your pension. Wouldn’t want you to have to live off 8.8k a year like anyone just reliant on the State Pension (less for those with fewer than 35 years NI contributIons). Mind you, if you are paying into a pension it’s probably dropped about 25% in value in the last month!
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Inevitable tax rises after this is over ? on 20:09 - Apr 17 with 1367 views
Inevitable tax rises after this is over ? on 20:01 - Apr 17 by longtimefan
Callis, as a young(ish) person I hope you are saving for your pension. Wouldn’t want you to have to live off 8.8k a year like anyone just reliant on the State Pension (less for those with fewer than 35 years NI contributIons). Mind you, if you are paying into a pension it’s probably dropped about 25% in value in the last month!
I the government one and since freelancing I have put money aside to set one up. But I haven’t yet as it all baffles me.
If I make it to 90 it still won’t be standard retirement age by the time I’m old. And the earth will be a wastelands by then anyway.
Inevitable tax rises after this is over ? on 19:06 - Apr 17 by Guthrum
I reckon a base rate of 60% might see us somewhere towards paying for this.
But I doubt it will happen like that.
The tax system is a mess - and splitting out National Insurance favours the wealthy.
Below £50,000 and your NI rate is 12% (beyond the threshold) so added to the 20% you pay 32%.
Over £50,000 and you go to 40%, but NI drops to 1%. Unless you have two children under 16 when your marginal rate of income tax between £50,000 and £60,000 is 58.2% plus NI at 1%.
Between 60 and 100k it's 40%, between 100 and 120K it's 60%, before settling to a nice even 45% at 120k.
Perhaps we should just go 20% 10-20k; 25% 20-30k; 30% 30-40k; 35% 40-50K; 40% 50-60k; 45% 60-70k; 50% 70-80k+
Inevitable tax rises after this is over ? on 22:25 - Apr 17 by Durovigutum
The tax system is a mess - and splitting out National Insurance favours the wealthy.
Below £50,000 and your NI rate is 12% (beyond the threshold) so added to the 20% you pay 32%.
Over £50,000 and you go to 40%, but NI drops to 1%. Unless you have two children under 16 when your marginal rate of income tax between £50,000 and £60,000 is 58.2% plus NI at 1%.
Between 60 and 100k it's 40%, between 100 and 120K it's 60%, before settling to a nice even 45% at 120k.
Perhaps we should just go 20% 10-20k; 25% 20-30k; 30% 30-40k; 35% 40-50K; 40% 50-60k; 45% 60-70k; 50% 70-80k+
But if we had a simple tax system that fairly taxed higher earners more, what would all the accountants who make a living out of finding the tax loopholes that stop those at the higher end paying anything like 50% do for a living?
Inevitable tax rises after this is over ? on 22:35 - Apr 17 by Nthsuffolkblue
But if we had a simple tax system that fairly taxed higher earners more, what would all the accountants who make a living out of finding the tax loopholes that stop those at the higher end paying anything like 50% do for a living?
As a contractor, I am fully expecting to have to find permanent employment. I suspect the contracting market as we know is it about to be taxed to extinction. Good luck to all those organisations that need to rebuild but can’t get short term expertise.
It's 106 miles to Portman Road, we've got a full tank of gas, half a round of Port Salut, it's dark... and we're wearing blue tinted sunglasses.
Inevitable tax rises after this is over ? on 22:25 - Apr 17 by Durovigutum
The tax system is a mess - and splitting out National Insurance favours the wealthy.
Below £50,000 and your NI rate is 12% (beyond the threshold) so added to the 20% you pay 32%.
Over £50,000 and you go to 40%, but NI drops to 1%. Unless you have two children under 16 when your marginal rate of income tax between £50,000 and £60,000 is 58.2% plus NI at 1%.
Between 60 and 100k it's 40%, between 100 and 120K it's 60%, before settling to a nice even 45% at 120k.
Perhaps we should just go 20% 10-20k; 25% 20-30k; 30% 30-40k; 35% 40-50K; 40% 50-60k; 45% 60-70k; 50% 70-80k+
Important to note that whilst NI drops to 1%, the initial tranche has already been fully paid. Its not as if higher rate taxpayers pay less NI. Nor, of course, do they get any greater benefit for their additional payments.
The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett)
Inevitable tax rises after this is over ? on 22:35 - Apr 17 by Nthsuffolkblue
But if we had a simple tax system that fairly taxed higher earners more, what would all the accountants who make a living out of finding the tax loopholes that stop those at the higher end paying anything like 50% do for a living?
There is an assumption, which deserves closer consideration, that higher earners should not only pay more, but pay at higher rates.
Why is that? Its not as if the higher earners are not already paying far more. Clearly there is the practical consideration- i.e. they are more able to take the hit. But thats about it isnt it?
As for loopholes, some of the people with small companies need to be looked at. The manner in which you can pay yourself a modest salary in a succesful small company (which is effectively just you or not much more) and then take money by dividends at a lower rate than everyone else pays, seems problematic.
The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett)
Inevitable tax rises after this is over ? on 22:25 - Apr 17 by Durovigutum
The tax system is a mess - and splitting out National Insurance favours the wealthy.
Below £50,000 and your NI rate is 12% (beyond the threshold) so added to the 20% you pay 32%.
Over £50,000 and you go to 40%, but NI drops to 1%. Unless you have two children under 16 when your marginal rate of income tax between £50,000 and £60,000 is 58.2% plus NI at 1%.
Between 60 and 100k it's 40%, between 100 and 120K it's 60%, before settling to a nice even 45% at 120k.
Perhaps we should just go 20% 10-20k; 25% 20-30k; 30% 30-40k; 35% 40-50K; 40% 50-60k; 45% 60-70k; 50% 70-80k+
Can you explain the 100-120k being 60% ? Sorry I’m not following that bit. Presumably the 50-60k bit is to do with Child Benefits being reclaimed in that range? Though my understanding of that would be that would apply if you had children up to 18 if they stayed in education.
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Inevitable tax rises after this is over ? on 10:19 - Apr 18 with 1234 views
Getting the balance right post C-19 is a bigger challenge than dealing with the virus.
There is a massive bill to be paid for the bailout so taxes will have to rise. There is also a need to maintain spending by the public at large. The last thing we need is people holding back on personal expenditure as that will slow the economy even more.
National Insurance is seen by the majority as a form of taxation so merge it with income tax. Income tax needs to be collected on a sliding scale. No tax due at all if earning less than 80% of someone on minimum wage working a 40 hour week. Start tax low 10%, and increase in 10% increments number of increments and point at which the tax rate rises to be determined by experts. So that excluded me and 99.9% of TWTD posters.
The biggest losers would have to be those collecting state pension as they currently don’t pay NI, although it wouldn’t be unreasonable for the tax allowance to be higher for those beyond retirement age.
Sort out tax avoidance, Most of which is by legitimate means and will be while the Treasury is so closely linked to external accountancy firms. Never going to happen though without a moderate socialist government.
Drastically cut the number of MPs while you are at it and replace the second house with an assembly elected by some form of proportional representation but with limited powers.
Inevitable tax rises after this is over ? on 10:17 - Apr 18 by longtimefan
Can you explain the 100-120k being 60% ? Sorry I’m not following that bit. Presumably the 50-60k bit is to do with Child Benefits being reclaimed in that range? Though my understanding of that would be that would apply if you had children up to 18 if they stayed in education.
Between those sums, there is a tapered reduction of your personal allowance.
So by the time you hit 120k- your c.11k personal allowance is removed entirely. NI is on top, of course.
The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett)
Inevitable tax rises after this is over ? on 20:01 - Apr 17 by longtimefan
Callis, as a young(ish) person I hope you are saving for your pension. Wouldn’t want you to have to live off 8.8k a year like anyone just reliant on the State Pension (less for those with fewer than 35 years NI contributIons). Mind you, if you are paying into a pension it’s probably dropped about 25% in value in the last month!
I’m in my 30s and, which ever party is in government, I doubt I will ever get to see a state pension even if I make it into the 70s.
Inevitable tax rises after this is over ? on 17:27 - Apr 17 by ParisBlue
Scrap HS2 now we've proven remote working can reduce need to travel.
so youd scrap a project, that will employ 30,000 people directly in gainful employment for the best part of a decade, and probably just as many indirectly through a supply chain of local businesses and delivery firms, all those small engineering businesses & suppliers who are currently staring into the abyss.
and all those people who will be earning money, paying income tax, spending money in shops, paying VAT, paying the taxes needed to pay the bills racking up now.
youd scrap all that just because you think HS2 is just about travel times.
when this does come to an end, dont be surprised when the government to go on a mega construction and building programme across the UK.
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Inevitable tax rises after this is over ? on 12:26 - Apr 18 with 1124 views
Inevitable tax rises after this is over ? on 09:35 - Apr 18 by sparks
Important to note that whilst NI drops to 1%, the initial tranche has already been fully paid. Its not as if higher rate taxpayers pay less NI. Nor, of course, do they get any greater benefit for their additional payments.
Agree, but it's an important number in terms of the narrative of "paying a share". Lower rate taxpayers don't pay 20% in a tax on income, higher rater don't pay 40% - 33% and 41% looks less "progressive" than the general narrative.
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Inevitable tax rises after this is over ? on 12:28 - Apr 18 with 1122 views
Inevitable tax rises after this is over ? on 10:17 - Apr 18 by longtimefan
Can you explain the 100-120k being 60% ? Sorry I’m not following that bit. Presumably the 50-60k bit is to do with Child Benefits being reclaimed in that range? Though my understanding of that would be that would apply if you had children up to 18 if they stayed in education.
Between 100 and 120k you loose your tax free allowance, so the £10,500 at 0% is replaced with 40%, on top of the 40% at the rate of £1 for every £2 - so earn £2, loose £1 of allowance, which adds 20% on top of your 40% (as 20% is half of 40%).
Now, someone said something about simplifying the tax system....
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Inevitable tax rises after this is over ? on 12:29 - Apr 18 with 1119 views
Inevitable tax rises after this is over ? on 10:19 - Apr 18 by Pinewoodblue
Getting the balance right post C-19 is a bigger challenge than dealing with the virus.
There is a massive bill to be paid for the bailout so taxes will have to rise. There is also a need to maintain spending by the public at large. The last thing we need is people holding back on personal expenditure as that will slow the economy even more.
National Insurance is seen by the majority as a form of taxation so merge it with income tax. Income tax needs to be collected on a sliding scale. No tax due at all if earning less than 80% of someone on minimum wage working a 40 hour week. Start tax low 10%, and increase in 10% increments number of increments and point at which the tax rate rises to be determined by experts. So that excluded me and 99.9% of TWTD posters.
The biggest losers would have to be those collecting state pension as they currently don’t pay NI, although it wouldn’t be unreasonable for the tax allowance to be higher for those beyond retirement age.
Sort out tax avoidance, Most of which is by legitimate means and will be while the Treasury is so closely linked to external accountancy firms. Never going to happen though without a moderate socialist government.
Drastically cut the number of MPs while you are at it and replace the second house with an assembly elected by some form of proportional representation but with limited powers.
These are worth watching (in the listed order) to explain first how a "economy" works and then what the chap thinks is coming up.
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