Why wasn't 40pc rate reduced or income tax thresholds raised?

[Indigoo03]

Any opinions?

Tories gonna Tory.

Because they couldn't give a shit about those demographics.

Interested too as this would’ve been the most logical step for me. But I have to admit not having read up on today’s announcement in depth yet - just the headlines.

Because they know their days in power are numbered so they are making themselves as rich as possible before the country burns up the ground!

We need more tax coming in for covid and brexit not less. I really have no idea why this has happened today. Its dreadful and the pound dropped off a cliff after the announcement, with confidence in the UKs economy by the rest of the world plummeting as well

Or they could have raised the threshold for the middle rate of tax to say 60k, but then added a penny on the top rate, to 46p.

Did you expect a Tory government to target the wealthy?

Expected nothing less from this bunch of self serving shysters

I thought it would be quite reasonable and also the thresholds not moving has been a stealth tax...

^^. She’s no different from Boris on this score,

Tories have been short term grafters since Thatcher.

Labour offer bankrupt policies but at least they aren’t outright thief’s.

Tories aren't even for middle class people now - they are for the rich only.

Wonderd the same OP the papers were all over it just days before, saying truss wanted to push it. But now suddenly silence. Sure fire vote looser from middle income workers.

The tax cut for £150k+ is 'you're just taking the piss now' but those on above average incomes like £50k to £150k will benefit from the cut to the basic rate and national insurance so further tax cuts will be too expensive on top of everything else.

Plus if you earn that much you're less in need of tax cuts than lower earners.

It's probably a good thing in that it's a vote loser so reduces the chance of them getting in again because people on those incomes will feel like they missed out compared to higher and lower earners.

You're surprised because the Tories have pretended for a little while now that they're 'on your side.' They're not. Today was like the when they take the mask off in Scooby Doo moment.

Nobody but the really rich can afford the bribes. Liz Truss only got the leadership as those in real power - the incredibly wealthy - thought she was most bribable - and they were right. It’s not as though anyone thought she’s in any way competent.

Removing the top rate just put things back to how they were under labour, plus it’s a secret crowd pleaser amongst conservative voters and it only affects a relatively small number of people so it’s cheaper.

Personally I’d have raised the top rate threshold to £300k and increased it to 50p.

Well they reduced 20 to 19 didn’t they, so even the lower rate taxpayers saw the benefit.

Not saying I agree with it but they haven’t just scrapped the 45% rate and left the rest alone.

You reload that this rate of tax is still less generous for higher earners than it was under Blair and Brown yes?

The top rate is the same, but those above £125k p.a don’t have a personal threshold either.

My household, all in, is about 3.5k per annum better off from the next tax year - madness!

Because this is a budget for the rich. As a PP said, Tories gonna Tory

I agree with something like this.

Leave most as is, reintroduce the personal threshold, but then take 50p off those on >£250k per annum.

The 40% tax rate needs to have the threshold made higher as the cost of living has gone up. £50k is a great wage but it’s not rich and I don’t think people
should be paying as much as 40% in tax unless they are properly rich.

It already creates as a disincentive for some people to work more hours or take a promotion.

They could have raised the rate at which we start paying income tax but I don’t think that would be right either. We need as many people as possible to be invested in society by contributing to it and raising it would leave even more people who contribute nothing

It already creates as a disincentive for some people to work more hours or take a promotion

Why?

You only pay 40% on the bit above the threshold, so if you have a payrise,
you will always realise some of it. Where is the disincentive here?

But raising the 40 threshold doesn’t help those at the bottom at all.
So you want to extend the tax breaks to squeezed middle (fair enough) but ignore those on very little?

How is that any better than the current shitty version?

Did you even read what he’s actually done or are you posting based on sound bites?

I was surprised they didn't go for this actually. Thought they might frame it as a supporting the hard working squeezed middle type thing.

I agree they should have raised 40% threshold to £70k or £80k. However, this is not the only fiscal event coming. To be responsible, they need to ensure they have the approval of the OBR. Expect a medium term financial statement in early December which will hopefully embolden KK to go further.

Income tax thresholds haven't changed - so more people are being dragged into tax.

Give people with little money more money and they spend it .Locally. Not save it. Spending locally promotes business, supports local growth, encourages small business in all parts of the country, incteases the 'size of the pie' and increases tax revenue.

I would like to ask the Tories that.