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.

All the things she said all summer at the hustings have come to pass. Or will be by next year.
You can't say she is u turning on any of this ( unlike her career and views previously)
Maybe she's learnt that changing your mind all the time isn't always a good look.
The policies are a gamble and dangerous.
Not much anyone can do now.

@red4321 companies such as Shell can receive tax benefits relating to their decommissioning costs. This info is publicly available.

example www.ft.com/content/38068628-f1a7-4219-abca-ef421de4d237

That’s absolutely not true, I know because I was a higher rate tax payer being paid via a limited company five years ago. The Tories stopped it in the NHS, but they haven’t stopped it anywhere else. My FIL has worked for the same company for 10 years through his limited company, as has my sister in law’s father and his colleagues. Many ex colleagues of mine work this way in the private sector now (since it was stopped in the NHS they left). They are technically working as “contractors”, however, I was working for the same company for over two years (some colleagues over five years) and was for all intents and purposes an employee.

You can pay yourself minimum wage, take the rest of your salary through dividends and put through loads of expenses to reduce your tax burden. With a good accountant it’s not hard to significantly reduce your taxes this way.

It would have been better to take 2-3% off the 40% rate. I can remember when I first went above the 40% band it was a lot more responsibility for not a lot more money which I think is very common at that pay point. Making that jump more appealing in terms of reward might actually encourage progression and drive in the population.

Thanks to everyone who has already correcyed @Caps0218 unfounded claims that KK has a PhD in Economics. I had logged on to do this and was happy to see that others had beat me to it.

Neither his UG fields of Classics and History nor his PhD in Economic History involve quantitative training. He does have an MBA, but the quantitative training there is largely about memorisation. (I am in STEM and a number of our students take modules in the uni’s well regarded Business School to enhance employability. The approach is at odds with ours and drives them bonkers.)

It’s really annoying to have to stay on top of these exaggerations but I have also heard them spouted by the right wing press, and establishing the facts is important for the future of democracy.

I wrote this on another thread but MPs, Tory or otherwise, need to hear directly from their constituents on this. Yes you might not get a reply, or have the party line spouted, but it’s the only way to get your view directly to your elected rep in parliament.

MPs will have a vote on this plan and should be representing their constituents. And if, by chance, your Tory mp disagrees with the plan - and they exist I am sure - knowing your views can only help them. And MPs in other parties are also then informed of constituent views.

An easy way to email your MP is via the they work for you web site. Really quick to do! www.theyworkforyou.com/

Luckydip1
No one seems to realise how hard the average person works in China compared to us. We have all become so slack. We all need to start putting the hours in and improving our productivity.

Well shouldn't you be working hard instead of spending hours trolling on this thread?

Love the idea we should be working like totalitarian China rather than like Sweden or Germany, looking forward to a great future

I expect she is. Conservative Central Office is paying her, she’s probably covering for Clavinova who’s apparently got the weekend off.

Golly, the China comment from @Luckydip1 lends credence to the idea that she really is Liz Truss - she who once claimed ( without evidence, of course) that Brits were amongst the worst skivers in the world.

Absolutely this. Tory MPs need to feel the heat from their constituents on this, esp in red wall seats. There already is disquiet about the budget among back benchers.

Yes - and there was me thinking that a sign of success was when the population didn’t have to slave away in factories and sweatshops for long hours, but could have a decent quality of life on 37.5 hours a week. Silly me!

Yep, we still do that and so do a lot of high earning SE people I know.
They are genuinely self employed (as per HMRC guidelines) though

www.theguardian.com/uk-news/2022/sep/23/tory-backbenchers-despair-at-toxic-mini-budget

Get writing to your Tory MPs folks, to fuel those flames of division within the party!

There already is disquiet about the budget among back benchers.

Good. I don’t want them to vote it down. I want it to happen so the Tory party’s history. I want their Red Wall MPs - and lots of Blue Wall ones - to lose their seats. I’m certainly not going to appeal to my MP to stop his electoral demise.

Is there anything wrong with a six day working week? That's pretty standard in China.

As we are Brits we would rather be on benefits than get a job as a carer or work for the NHS. They are crying out for more workers but people would prefer to lounge around in their dressing gowns all day smoking black market fags and watching re runs of coronation street.

@SafferUpNorth I really hope everyone with a view and especially with a Tory MP will take a few minutes today and write to them! Its really quick on the we work for you site.

And encourage friends, family and anyone else who expresses a view to do similarly

Ignore her, ladies.

@Blossomtoes I can see your point but whatever happens this appalling plan won’t be forgotten.

Why? Do you want them to stay in power for ever?

Why not appeal to your MP anyway?

It’s unlikely they’ll do anything about your concerns.

But at least you can say ‘I told you so’ when even more shit inevitably hits the fan and even the ‘I’m alright Jack’ types are covered in it.

I have an MBA from a respected business school. I gained a distinction in the economics module. FWIW, I taught myself most of the content with the Economics for Dummies book.

So I concur fully with your assessment that an MBA does not qualify you in any way to run a country!!

This is amazing. Is there anything wrong with a six day week? Well it is obviously less enjoyable than a five day week.

The advantage China has is they do not have democratic elections.

For Scandinavian / Nordic countries - a significantly higher quality of life than the UK. Really can't compare.