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.

People have short memories. And are selfish.

And the conservatives know it.

Majority of people who are carers are foreign. The pay can range from around 700 -1500 per week. Nobody wants to do it. I can appreciate if you have to live-in and have kids then it becomes challenging.

@lannistunut but that is why the Chinese are so much more productive than thus. I wonder whether we have all become too soft and complacent.

So you want a communist state? Most of us don’t.

If you want no life, you can work a six day week. I prefer quality time with friends and family over the weekend.

Truss received 50 votes from her fellow MPs in the first round of the leadership election. Less that Mordaunt & Sunak.

She's had to do a lot of back room deals to secure more support. Well she & the ERG! Their combined intentions were well known to MPs prior to this budget - nobody can genuinely claim to be surprised.
I can only assume a lot of those MPs have been promised money for their areas. They are now caught in a sticky position - an unpopular budget and a PM who has rejected the party's manifesto, inflation looking to rise, mortgage rates likely to rise.
I doubt there are many outside of the core group that are feeling relaxed about this.
If I had a Conservative MP I'd certainly be writing to them.

I suspect Luckydip is trying to deflect attention from the actual budget.

In our industrial revolution it was pretty standard for us all to work six day weeks and that is why the country became so successful. Maybe we need to bring back some of that fighting spirit.

If I had a Conservative MP I'd certainly be writing to them.

Can I ask why @Notonthestairs? It’s a genuine question because I think this has the potential to destroy them and, painful though it will be short term, I really want to see them crack on and self immoliate.

Of course @Notonthestairs is right, and @Luckydip1 is just trying to deflect. She hasn’t been able to provide a serious piece if analysis yet. Please don’t feed the troll.

Because that is the only lever I have. Because I want my protest on record.
Because of the likely damage.
Because we don't have time for the IEA to experiment on the UK finances.

That said I had a Conservative MP in the past and she never replied to a single letter asking for help!

Quite, lets start invading countries and taking their raw materials, Putin has the right idea.

We should also bring back the work house, typhoid & cholera, people have no value as they age, so its perverse to pay them a pension, let alone waste resources on medical care.

These important resources should only be used on the Tory elite such as yourself.

Not according to this report

twitter.com/resfoundation/status/1573570472113061889?t=Q9Sx6UtIW6P_IXI6_WGWIg&s=19

Middle income Britain stands to lose most from the overall impact of all tax and benefit policies announced over the parliament. The poorest fifth of households gain £90 on average, with the middle fifth losing £780, and only the top five per cent gaining significantly (£2,520).

@Luckydip1 in the industrial revolution women mostly didn’t also have full time jobs (or many rights) requiring childcare that was more than many wages and houses that cost on average 10x income. But you know, small details…

High taxes are what has contributed to the shortage of lorry drivers, doctors, etc., IR35 in particular caused a huge amount of workforce shortage and a brain drain of IT and other professional workers moving abroad.

Nowt to do with Brexit then?

The Tories stopped it in 2020 for everyone else too! Luckily, the 2017/2020 changes were scrapped yesterday. IR35 did untold damage and caused shortages of all kinds of workers from lorry drivers to doctors.

You are also wrong re the dividends, as there's now a personal dividend tax rate which brings the tax paid on dividends (inc company taxes out of which the dividends are paid), back to similar levels as would be paid by sole traders or workers.

Limited companies aren't the tax avoidance schemes they used to be. IR35 was always a flawed rule and should never have been introduced.

#bemorechina

According to The Mirror's calculator, DH and I will be better off by ~£9,500 per year between us, after next April.

We are both additional rate tax payers, so not typical, but where the hell is the money coming from to fund this?!

It's outrageous and extremely worrying. I feel terrible for people who are currently struggling. Just sickening.

trinitymirrordataunit.com/preview/code_calculator_app.html

but where the hell is the money coming from to fund this?!

The magic money tree

Yes, but a major reason for that was because we (obviously)didn’t have the technology we have now, which has definitely helped us to work more efficiently. Have you ever heard of the phrase ‘work smarter, not harder’?

Also, what are your thoughts on the massive inequality that was around during the Industrial Revolution - do you have any views on that?

We will be £377 pounds better off according to that calculator. Only of course we won't be, inflation and spiralling energy costs will more than swallow that.

In Trickle Down Fantasy land, how long does it take for the trickle down to happen? Asking on behalf of all those who still won't be able to afford energy bills this winter.

The crash of sterling is the scary part.

Import costs and energy just went up 6% as a result of the weak pound.

That will drive inflation even higher. And mean the government price cap funding is even more expensive

😢

@WagathaChristieMystery I want to live in a country where if you are smart and work hard you can achieve anything not some nanny state which sucks the ambition out of everyone, it's so sad. What would our ancestors think about our defeatist and entitled attitude.

Luckdip people have already questioned this but why is it you believe that hard work equates with success? Based on your logic nurses working 12hr shifts should earn lots and lots of money yes? Because they work hard? Or is your idea of hardwork only that which earns someone more money?

Thats just BS, no evidence for that at all.

I was caught up in the IR35 thing and just went to an umbrella company, its not difficult and you just ask and will get, a higher day rate to compensate for extra costs.
A lot of tax avoidance with bogus self employed status and companies using it to avoid taking on FT workers with proper T&C's

Brexit has caused around 1 to 2 m EU workers to leave the UK workforce, no one knows the exact figures because UK borderforce don't check numbers in or out anymore.
EU lorry drivers don't want to come here as they spend days in queues and fuel is more expensive.

This why we have so many labour shortages in UK.