AIBU that working people should be rewarded in the Budget?

[DistingusedSocialCommentator]

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

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

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.

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.

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

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

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?

IHT is unfair in your opinion, not in fact.

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

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

@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!

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.

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.

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.

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

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

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

Of course you should be taxed for that

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.

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.

Why should someone be taxed for retiring early?

I don't think increasing the lower rate band will do much. It is the higher rate payers who are net contributors. We need more tax paid and higher level contributions.

And all inheritance should be heavily taxed

It just increases the gap between rich and poor, already at the highest EVER

Wealth begets wealth unfortunately

@Barleypilaf ”The tax thresholds that should increase are for the higher bands, not the initial one”

why?

@Barleypilaf
”Everyone should contribute tax, especially those with the most disposable income - i.e. pensioners.”

Pensioners have the lowest disposable income, not the highest!
“During 2021/22, the highest average amount of disposable income for any age group occurred in the 35 to 44 year-old group, at 44,255 British pounds per household. The age group with the lowest average disposable income were those aged 85 and over.”
https://www.statista.com/statistics/824464/mean-disposable-income-per-household-by-age-uk/

Iht if married is up to 1m
Whereas if not married its 325k to leave to partner. Then that person can lease 325+ 175k if property is going to children) so only 500k which is likely not even a house at todays prices.
I think its wrong ogv include partners savings for UC or earnings etc but not iht....

They need to reform IHT because right now there are too many exemptions which mean that truly wealthy people don’t pay enough.

I don’t think we should be having tax cuts. If anything taxes should be increasing so we can increase public spending so that earners everyone else can enjoy proper public benefits. They do need to do something about the problems that hit earners between 100-125k.

You really think we should give more money for crazy procurement contracts and capex projects? For handing profits to private investors and expecting taxpayers to fund losses?