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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

AIBU that working people should be rewarded in the Budget?

318 replies

DistingusedSocialCommentator · 03/03/2024 23:04

As above by way of increasing the tax threshold which has been on ice for a while.

The lower paid will benefit the most as those earning about 125k I think it is dont get any tax reliefe. 2 of the 3 children of ours pay 40% or more in tax plus NI. Therefore, the lower paid will benefit the most

We left worl in our early 50's and yet to reach state pension age.

I've read that many pensioners will soon be paying taxes as many are also being paid a few quid in private pensions they contributed to

so rather than a penny or two cut, raise the threshold of income tax

The gov must also do away with IHT but that is a different subject.

So if you agree with me, then it is I am being reasonable

OP posts:

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EmmaEmerald · 03/03/2024 23:32

LaurieFairyCake · 03/03/2024 23:30

Why have you left work with 18-20 years of work left?

Of course you should be taxed for that

Why should someone be taxed for retiring early?

Cherryon · 03/03/2024 23:31

Yes, the personal allowance should be unfrozen as that is a tax rise that has been unfairly extended during and despite a period of very high inflation. It isn’t a tax cut to roll back a proposed tax increase that hits those living on the least money imho.

I agree though that we cannot afford tax cuts as the public services are creaking under the weight of over a decade of chronic underfunding by the Tories.

The Tories have amazingly managed to simultaneously skyrocket national debt through massive borrowing, raise taxes to as highest seen since 1948 and yet none of this extra loan or tax cash get to fund public services, they have gutted them by cutting budgets to the bone. I cannot think of a more spectacular way to show either total fiduciary incompetence or robber baron intent to bankrupt a country for personal gain by a government.

Barleypilaf · 03/03/2024 23:31

The tax thresholds that should increase are for the higher bands, not the initial one. Everyone should contribute tax, especially those with the most disposable income - i.e. pensioners.

Wealth should also be taxed so inheritance tax - the very definition of unearned wealth for the recipients - should stay.

LaurieFairyCake · 03/03/2024 23:30

Why have you left work with 18-20 years of work left?

Of course you should be taxed for that

Propagandalf · 03/03/2024 23:29

Perhaps we can start with cutting middle managers from NHS trusts, councils etc.

LizzieSiddal · 03/03/2024 23:27

EmmaEmerald · 03/03/2024 23:23

Agree

but you don’t want a change in the threshold

i think there’s a mechanism to pay more income tax if you’d like to, though I’ve never looked it up myself.

Show quote history

I already pay a lot of tax so won’t be volunteering to pay any more.

Merryoldgoat · 03/03/2024 23:23

The vast majority of estates are not subject to IHT.

It’s certainly not the first tax I’d cut if I wanted ordinary working people to benefit.

I speak as someone who will likely benefit from an estate subject to IHT and our estate certainly would be also.

EmmaEmerald · 03/03/2024 23:23

LizzieSiddal · 03/03/2024 23:20

@EmmaEmerald but a change to the first income tax threshold will be welcomed by most

This goverment never seem to do anything people actually want, so don’t hold your breath!

Agree

but you don’t want a change in the threshold

i think there’s a mechanism to pay more income tax if you’d like to, though I’ve never looked it up myself.

MojoMoon · 03/03/2024 23:21

Only around 4pc of estates paid inheritance tax last year and scrapping it would benefit the richest 1pc the most

https://ifs.org.uk/news/wealthiest-1-would-get-half-benefit-scrapping-inheritance-tax-average-tax-cut-ps1-million

I am a top rate tax payer and would rather the NHS, social services, education would appropriately funded than have a tax cut.

I do think there should be more taxation on wealth and that would allow some reduction in tax on income - taxing landownership for example.

Wealthiest 1% would get half the benefit of scrapping inheritance tax, with an average tax cut of £1 million | Institute for Fiscal Studies

If non-spousal inheritances passed on next year were to be equally shared between all 25-year-olds, each would receive around £120,000.

https://ifs.org.uk/news/wealthiest-1-would-get-half-benefit-scrapping-inheritance-tax-average-tax-cut-ps1-million

LizzieSiddal · 03/03/2024 23:20

@EmmaEmerald but a change to the first income tax threshold will be welcomed by most

This goverment never seem to do anything people actually want, so don’t hold your breath!

EmmaEmerald · 03/03/2024 23:18

I don’t think they’ll touch IHT

Labour are miles in front so a change to IHT will not be welcome

but a change to the first income tax threshold will be welcomed by most

Hols24 · 03/03/2024 23:16

Fewer than 4% of estates pay inheritance tax so it doesn't affect most people at all. Why do you think it's unfair?

TwentyFirstCenturyFox · 03/03/2024 23:15

IHT is unfair in your opinion, not in fact.

LizzieSiddal · 03/03/2024 23:15

I dont trust the Tories but I turst the Labour lot less as we were working people who have been prudent with our money and Labour does not like to see any workers doing well unless they in their club, iMO

What on earth are you talking about?

Original poster

DistingusedSocialCommentator · 03/03/2024 23:13

Danikm151 · 03/03/2024 23:09

The freeze on the income tax threshold is in place until 2028- it’s stealth way of generating more tax especially with minimum wage going up by so much.

It should be removed but I can’t see it happening.

I beleive it will be removed or a promise to do this in the Autmun statement, IE dangling fake carrots to remain at number 10 along with the promises of tax cuts and doing away with IHT

IHT is very unfair and the if not to be removed the threshold must be increased to 3/4 million IMO and Mr Hunt may promise that as well

OP posts:

EmmaEmerald · 03/03/2024 23:13

LizzieSiddal · 03/03/2024 23:06

The country can’t afford tax cuts. I’d rather have a working NHS, education funded properly and no shit in our rivers.

Those issues are about how government wastes our money though. There is enough. They choose to spend it badly.

I agree OP. The threshold should be higher.