Now They Hit The Wrinklies!

[M H]

So the Tories decide that the elderly should pay for the tax cut for the highest earners. We really are all in this together!

http://www.bbc.co.uk/news/business-17463473

[Stran]

now i dont like what they ve done to the wrinklies , but the tax cut to the highest earners makes sense numbers wise.

(the following is me pulling numbers out of my hairy ass)

Are we better getting 50% of £100m
or 45% of £500m ?

no brainer really , if you read the report from the HMRC (and im not talking about the rangers one ! ) then when the tax % got increased to 50% it didnt raise the capital that the government thought it was going to !

[M H]

Point missed Stran, the people that avoid 50% will do the same to avoid 45%. It's a bonus for the rich that actually pay their taxes

[Stran]

Point missed by you M H , thats incorrect and the numbers back it up , more tax capital gets raised when the tax at 45% that it does at 50% , it didnt create the billions that the government thought it would.

Although tax avoidance is another matter , and it will turn out to be a bonus for alot of the rich that do actually pay their taxes as well.

All i mean is that its not as clear cut as it looks...

[Stran]

ps just to clarify , i fucking hate the tories , so in no way am i defending them , and the lib dems have turned into spineless cunts who are backing down over what they said they wouldnt concede too

[J Y Kelly]

I think this is being spun slightly - all they are doing is freezing the point at which pensioners START to pay tax, which is on any earnings over £10.5k. Now I know that still doesn't sound like a vast amount, but it means there is absolutely no impact for the vast majority of pensioners rather than a 'granny tax' as it is being portrayed.

These are not the little old ladies trying to make ends meet, these will be predominantly wealthy people who own their own houses (as mortgages through retirement are rare, and only where income is high) who will start to pay tax once they are receiving £850 per month rather than £950.

I don't think anyone's going to perish just yet...

[M H]

£850 a month is hardly a vast amount when you consider the cost of living, this will affect pensioners in a negative way. The expected saving is £1B.

The reduction in the top rate is as I said earlier a gamble on those avoiding it at the moment deciding they'll start paying the top rate, it wont happen. What's more likely to happen as the reduction's been deferred for a year is those who pay the top rate now will defer income to 6th April 2013 to take advantage of the reduction and subsequently the tax yield will drop in 2012/13

[Oche Balboa]

I dont like Osbourne but...

His hands are tied and he needs to find way of kick starting the Economy, To be fair they have helped the lower paid workers by raising the personal tax allowance, making people better off then they were under Labour.

The 50p Tax was only a temporary measure by Labour, so it was going to be reduced and its only 5p hardly big win for the rich.

The hike on fuel is bad, Osbourne was a cunt with all that.

[M H]

Taking over £1b away from the elderly aint likely to kick start the economy nor is giving another £40/50 k to the richest. Cutting VAT would be a start and your point on fuel is more than valid

[Oche Balboa]

I see your point but 50p tax was never going to be a winner to begin with.

[M H]

Announcing a cut in twelve months time only gives those who can an opportunity to avoid a load of tax by deferring pay to the following year. Counter productive

[Sprocket501]

In your efforts to slag off the Tories no matter what they do, you have failed to see that this is exactly the Budget that Labour would have liked to deliver. A considerable amount has been taken from the 'rich' and moved down to the 'poor'. This is a socialist budget.

You (like your beloved party) are so blinded by jealousy of those who have had more success in their lives, you cannot bring yourself to admit that the Tories have infact delivered a reasonable budget indeed. Although, why people who have success in their lives SHOULD abide by a 45% tax band, I have no idea.

The problem is, you Socialists cannot abide the thought that someone might have a quid more in their pockets than you have.

[Sprocket501]

And on that note, I'm off for a cup of tea and a biscuit.

[Noisycrowds]

should have had an immigrant tax , all men entering have to pay £1000 per week to stay here

all women who are fit and under 30 have to suck me off

[M H]

I'm an accountant Sprocket and spend my working life minimising tax bills. My advice to any with the opportunity is to defer any bonus that takes the client into the 50p bracket till 2013.

As for a considerable amount taken from the rich the stamp duty rise on homes sold over £2m isn't gonna raise that much as many homes will be sold for just under and the chattels (outside the scope) sold at a higher price than before. Not a difficult tax to avoid.

What wont happen is those avoiding the 50p rate now volunteering to pay the 45p rate in the future

[D & B]

And on that note, I'm off for a cup of tea and a game of soggy biscuit.

Teacher/Pupil bonding.

[Sprocket501]

Well it's nice to see you care so much for the 'Wrinklies'.

Incidently, how much of your 'Payment Protection Repayment' did you donate to Age Concern?

It's ok, you don't have to answer...

[Sprocket501]

should have had an immigrant tax , all men entering have to pay £1000 per week to stay here

all women who are fit and under 30 have to suck me off

[M H]

Well it's nice to see you care so much for the 'Wrinklies'.

Incidently, how much of your 'Payment Protection Repayment' did you donate to Age Concern?

It's ok, you don't have to answer...

Seeing what they have to put up with care wise and how difficult it is first hand to get proper care and attention does open the eyes mate. I'm sure a load of the PPI refund found it's way back to the government

[Sprocket501]

I quite agree - standards of care in this country leaves a lot to be desired.

But this digresses from the fact that yesterday's Budget was a socialist budget and definitely not what you'd call a Tory Budget. But rather than say, 'Fair play, that's a start', you simply look for one area that you don't like and rip on that.

I am by no means a high earner (no, really) but it does sicken me to think that if I did work my way up, the percentage of tax I pay would rise. If everyone paid the same percentage of tax, high earners would naturally be paying more.

The Tories have had a collossal mess to clear up after thirteen years of pissing money up the wall. It won't happen over night and it is not fair to target the successful.

What we do need though, and no Party will do this, is a complete rethink on how much money we allow to leave these shores. And end to foreign aid to countries that are wealthier than us - indeed all countries while we have our elderly and sick having to cope with such poor care and conditions.

A complete withdrawal of all troops from foreign states and the associated huge slash in our military costs. (Sorry, Gonk - I respect you and what you do and this is not personal).

There are many other areas where fairer and more reasonable cuts can be made but I now have a lesson to go to - back soon.