Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#1
A report out today states that Real' incomes - wages after inflation - are around 5 per cent below where they were five years ago, which means that the average take-home pay is £1,212 lower than it was at the end of 2008, once inflation has been taken into account
So what do the Tories intend to do about this?....yes you've guessed it 'cut' the the top rate of taxes for the rich, It would appear that despite objections from their coalition partners and in contrary to the Chancellors previous statements that the top tax will be slashed from 50p to 45p.
Just as well ''we are all in it together'' otherwise one might be slightly sceptical of the Tories claims to help those worse off.
Marek
I think therefore I am (not a Tory supporter)
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#2
It should be slashed to 40p.
Such high rates are pointless and actually reduce tax revenue when the Treasury needs higher tax revenue.
If you were to have your priorities right and applied some thinking you would see that Marek!!
Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#3
Morning Barry. The cuts will cost the treasury an estimated £750 million...
Marek
I think therefore I am (not a Tory supporter)
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
#4
What do we have to greet the `Double Dip`?
Britains economy is not growing.It is `flatlining`
The IMF warned Britain `faces bumpy and uneven` recovery.
Economists have said that such sluggish growth and the slowest economic recovery in a century means the Chancellors will fail to meet his targets.
In June 2010 Osbournes target was 2.3 % growth.In October 2010 2.1 %.In March 2011 it was 1.7 % Forecast now is 1.3 %
The cuts have been too fast and too deep.
OBR (Office of Budget Responibility ) Chief, Osbournes watchdog,says fiscal policy too tight needs loosening.
Calls for the Treasury to produce a `Plan B` or even a `Plan A + have so far failed to get a response from No 10.
Osbourne and Cameron want/intend to stick to `Plan A`
Many are saying a Plan B or even a Plan A+ is required.
Signs of another `U` turn ?....................Hopefully!
Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#5
Any plan would be helpful trouble is that Osborne doesn't have a plan........oh sorry except to get the taxpayer to stump up £700k to renovate his and DC's flats on Downing St.
Marek
I think therefore I am (not a Tory supporter)
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#6
MAREK;
Once again it's the claim by cameron that we are all in this together
only to find hes looking after his own, whlst screwing the rest of us
all in it together humbug
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Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
#7
i second the humbug bit.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#8
And i third it
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Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#9
Keith
You're right but it's not just the cost of implementing these tax cuts for his rich buddies it's the message it sends out to the country.
Meanwhile Clegg Cameron and Osborne are all off sunning themselves oblivious to the fact that this is when the country needs reassurance and firm leadership.
Marek
I think therefore I am (not a Tory supporter)
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#10
MAREK;
Yes marek it is the whole message thing, we don't care pull the ladder up jack im ok attitude.
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Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
#11
This is all good news for this campaign...
http://www.landvaluetax.org/Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#12
not sure this is the right thread tom
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#13
Marek - no that is wrong, mere theory and your figure arises from the kind of Donald Duck economic thinking that got us into the mess we are in.
In practise the impact of high tax rates is a reduction in tax revenue. A significantly high proportion of people who fall into the 50p band have an influence over how much they earn. They will be making a judgement on whether it is worth working the extra hours, take that extra risk, go after that extra contract, employ those extra people when they will have over half the reward for doing so robbed by penal taxation - bear in mind that with NI the tax they lose is at 52%.
The same judgements are made by many people at the 40p tax level and I know at least a dozen people who work to keep below that tax band.
The most efficient tax system would be a level single tax rate.
Reg - the answer is to start to properly slash public spending, cuts to the top rates of taxes and accelerate the reduction of business taxes. Plus get rid of the raft of extra employment legislation imposed by the EU and UK government l over the last 14 or so years. There is more but that is a start.
Guest 645- Registered: 12 Mar 2008
- Posts: 4,463
#14
The Donald Duck figures came from Osbornes office in an attempt to lessen the impact and fallout from the upper tax band reduction.
The report about the reduction of income in real terms was released by the Centre for Economics and Business Research.
Marek
I think therefore I am (not a Tory supporter)
Guest 688- Registered: 16 Jul 2009
- Posts: 268
#15
I do believe that new rules now apply in the world of economics.The old certainties have disappeared and unfortunately we do not seem to be able to grasp this new format.There is a theory in history that times can change fundamentally,with no apparent impetus,like the tides of the Ocean.Perhaps this concept can now be applied to economics.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
#16
While millions of us and those not yet affected but soon will be struggle to adjust to the `too fast too deep` cuts imposed by Osbourne and Cameron,what do they do??
They cut the Tax bill of the people `struggling` on £150,000 pa......and the LIB/DEMS agree with it!!!!!
We are not all in this together.
Is anyone in doubt who Flashman is looking after ???? The problem may be that Flashman/Osbourne only mix with the `Chipping Norton` high earners? They are definitely out of touch with the Public.
Is anyone thinking this through?
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#17
REG;
Thanks for bringing a bit of reality to the thread
Whilst even the tory supporters themelves are saying its got to change the cuts cant continue.
the cobbled together govt continues to rip most of us apart
'but as usual they look after there own
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howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
#18
from the telegraph
Treasury analysis shows that Labour's decision to raise the rate to 50p for those earning £150,000 a year or more has generated up to £2.4 billion a year.
But officials found that 70 per cent of that money, around £1.65 billion, would be collected anyway if the top rate were 45p in the pound.
Some are said to believe that when taxes are raised, higher earners are using tax avoidance ploys.
from the telegraph.
Evidence gathered by HM Revenue and Customs from personal tax returns over the next four months will reportedly be used to make the argument that the 50p tax rate is not working.
Reports suggested the Government planned to announce the cut as early as March.
A senior Government source told the Daily Mail: "There is Treasury work on this already. Seventy per cent of the gains come at 45p. You don't get much more for 50p. That will let us make the case for lower taxes.
"The decision is not about whether to do it, it's about when to do it. One option is 2012, depending on the state of the economy, or 2013 at the latest."
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,948
#19
so there you have it
directly from the tory mail
look after number 1
if you dont we will find ways of avoiding paying anyway
a different world they all live in
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Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
#20
Marek #14 - I know, in fact that figure was given by sources in no 10.
That does not stop it being Donald Duck nonsense after all a lot of those very civil servants in no 10 and no 11 were part of creating the problem we are in now.
Howard, the real impact will show in about 12 months time and I can guarantee the gross 'tax take' will seriously disappoint supporters of the 50p rate and are likely to undershoot current estimates. Then when you take into account the full impact of the mitigation measures being taken by taxpayers the 'tax take' will turn into a negative figure.
If there is anyone out there who is threatened by being punished by the 40p or 50p rates then let me know and I will be pleased help you mitigate or eliminate that tax.... It is straightforward enough and you don't need an accountant to do it.