Income tax - top 45% rate scrapped! Bonkers!

[HoppingKangaroo]

The 45% top rate of tax (which currently applies on earnings above £150,000) will be scrapped entirely. How will this help the economy? It will just add to the government debt and it just helps out the very weathly.
Why not have more help for the poorest in the country and not have tax cuts for the very wealthy.

Highly intelligent with his scholarships and awards.

Is that when he is scheduled to resign. Good to know.

"Be patient, give him until March."

Spring election in mind?

Conservatives have been in power 12 years. Be patient.

Ah yes, sorry. I forgot.

Gordon Brown gave away an awful lot of his income to charity, which suggests that he really wasn't very clever at all.

Hopefully not…..Tories to win the next GE.

I thought Rishi was the richest chancellor ever in the whole world and so the cleverest.

I don't dispute that he may be highly intelligent. But that doesn't make him the best qualified chancellor we have ever had.

Scholarships are great but they are not qualifications.

Of course they are. 😉

very droll.

Good point!

Truss’ sound bite to tax cuts meaning people get to keep more of their own money is appealing. Arguably low-to-middle earners like this because they feel like they need the extra help.

But for an announcement to cut the tax for the highest tax bracket… that’s wake the low-to-middle earners up. Truss didn’t mean them who need a tax cut. She meant her friends on the right and her class.

Plus even if the tax cut was for those who need it most, if their wages aren't going up, and prices are rocketing they are still going to have less to spend.

It’s great that middle earners are finally getting cut some slack.

Kwarteng may be the greatest genius on Earth, who cares? It's perfectly possible to be smart, single-mindedly dedicated to the interests of your own narrow class and utterly devoid of humanity or compassion for those outside of that class at the same time.

"Smart" in this context may well just mean "able to sell a doomed and vacuuous economic model well enough, and manage the timing of it carefully enough, to win a general election that others would probably lose".

The fact that he's smart doesn't mean there's any honesty involved in the model.

Oh absolutely.

I was just curious to know what the claims about him being the most qualified chancellor ever were actually founded on.

Turns out that they were totally unfounded, but it was very interesting to see how readily a poster appeared, claiming that he had a both a degree and a PhD in economics, when it subsequently transpired that he has neither.

The whole issue is middle earners are really not getting much benefit from this budget, have you been reading a different budget? Low earners, nothing. Middle earners, very little. Top 5%, a great deal.

But the rich deserve the help most, because they are rich and therefore more intelligent.

The Greeks had a goddess who could step in to sort out imbalances like this.

Too rich and too intelligent? Need help?

No problem… Nemesis will balance this one out. Enjoy…

The curse of bigness. It’s a thing. And also a book I’ve been reading! Lol 😂

I for one am looking forward to it. I wish it was all effective immediately. There's no incentive to work hard when you don't see most of your money.

I get that.

No one likes paying tax. And seeing the value of the tax in public services is subtle. Much nicer to have the money and spend how you wish.

But if public services suffer (as pp predict) from tax cuts then you may not be better off overall. Unless you have private healthcare, private policing etc.

It just all seems a bit.. too little (for lower paid people). I'll be about £100 better off
My work have given us all £300 extra as a cost of living payment - so they recognised we needed more than £100!
Trying to pay a mortgage, bills, food, car insurance etc etc on 23k a year is really bloody hard. And it's not that I don't work hard, I do 40hrs a week with a host of health issues. But I can't find anything better paid locally that I'm qualified for I have a degree and am pretty bright!

That wont happen - they will charge taxes to the likes of Shell and Amazon - it's time they paid their fair share.

They've had 12 years to tax Shell and Amazon... what's been stopping them? They'd rather cut services. They're giving energy companies bullions of taxpayers money remember?

How long do we think it'll be until a pound is worth less than a dollar/euro?

People vote tories for one simple reason, they will keep more of their income / money / wealth under a Tory government than they would under a Labour government

They think they will but they don't.. They aspire to be better off, one day they may have a property empire or have millions to leave to their dc so they don't vote for things that they perceive will harm their future aspirations. The problem is by doing that they make it even harder to achieve their aspirations and the gulf grows.

Although some do seem to be realising that even though they thought they were the "rich", they are still plebs & no different to the "workshy" or "benefit scroungers" because the Tories are looking after a different tier of rich which is a very exclusive membership.