Well done George Osborne - stonking budget

[claig]

Tax free Allowance rising to £11000
40% tax threshold rising to £43000
Corporation Tax falling to 19% and then 18%
National Living Wage will reach £9 by 2020, will start at £7.20

If they carry on like this, Labour are finished and poor old UKIP and Farage won't stand a chance of getting a look in. But credit where credit is due - well done Osborne!

[ConfusedintheNorth]

Cutting corporation tax doesn't encourage business, it allows the fat cat tax dodgers to dodge with greater ease!

[Isitmebut]

"This thread is about about the current government and the current budget."

Correct, in its entirety as a package, and based like every Osborne budget from 2010, on what Labour did unbalancing the economy, spending, wasting, debt and promising the electorate what they had no right to, due to the deluded assumption stated in parliament by Brown, Labour "cured the UK booms and busts" - right before the biggest boom, followed by the biggest bust for over 80-years.

The "bleating" is by those refusing to accept the legacy of the last government and that this governments policies are directly attributed to fixing it.

As to "the working poor", do you think a recession is another word for a worker pay party, and what is now know (due to its depth) the Great Recession starting from 2008, means a bigger welfare/benefits/pay par-tee??

From 2010 there were so many economic, financial, and social problems not addressed, Osborne had to 'fire fight' those problems, a bit of giving 'wee' here, a bit of 'woo' there - rebalancing each year as different problems look better - it ain't personal, its economic "prudence", a word often used by Brown to describe his non boom and bust policies.

[ConfusedintheNorth]

We're devastated! We run a small business we set up 3 years ago, we invested EVERYTHING into it and as we're in early days rely on tax credits. Our income has doubled every year, and last tax year we pretty much broke even. However, due to Universal Credit, if our profit doesn't quadrupedal in the next 12 months the business will have to close. We live in a rural area THERE ARE NO JOBS.

On top of that I've had multiple friends, single mums and young families with 1 or 2 kids, hard working families in close to minimum wage jobs watch there lives fall apart and wondering how they're going to put food on the table when they're loosing £100-£300 a month in tax credits.

It seems like everyone around me is having their lives ruined, and those in power need to remember the desperate will only take so much.

[Isitmebut]

ConfusedintheNorth .... so does that somewhat inaccurate generalisation mean that no businesses pay Corporate Tax, and that the business growth in the Republic of Ireland has NOTHING to do with its under 13% rate- its because they like their fecking accents????

“EY: ”Cutting UK tax draws in more multinationals”
www.telegraph.co.uk/finance/newsbysector/banksandfinance/10472446/EY-Cutting-UK-tax-draws-in-more-multinationals.html

“The accountancy firm highlights that the UK's competitive tax regime has led to a rise in overseas companies interested in domiciling in the UK”

And of course when a UK government GETS taxes in, its helpful if they don't waste them.

”New Labour ‘blew £230bn on errors, fraud and inefficiency’
www.thetimes.co.uk/tto/news/politics/article4368120.ece

"The hundreds of billions of pounds of public money wasted through errors, inefficiency and fraud under Tony Blair’s New Labour government have been revealed in a book (The Elephant in the Room by E. Hamilton)."

”A retired businessman who spent three years examining where taxpayers’ money had gone found that by 2005 the government had wasted more than £230 billion, much of which was lavished on projects started under New Labour.”

”Nearly 57% of the overall amount was lost by the Inland Revenue, now HM Revenue and Customs.”

[Isitmebut]

ConusedintheNorth .... for years I have heard socialist bleating that the likes of tax credits were helping businesses get away with murder as the taxpayer was in effect subing businesses, during an economic boom.

Now a Conservative government, faced with £trillions of national and pensions debt, is looking to rebalance that, and stop corporate tax avoidance, now THAT is a problem.

Which is the more sustainable country economic model, Labour's or the Conservatives when up to our necks in debt?

It seems you can't please any of the people, any of the time.

[ConfusedintheNorth]

No it means that only businesses that are "corporations" benefit, not small businesses, not freelancers... very few businesses start as corporations, and now very few will be able to start.

My comment had nothing to do with Ireland or your casual racism towards them.

[Isitmebut]

P.S. Who gave more tax relief to small businesses from 2008, Labour or the Conservatives?

[Isitmebut]

How many National Insurance hikes under Labour, did business rates not go up the 110% average Council Tax the rest of us had over 13-years?

[ConfusedintheNorth]

So tackle corporate tax avoidance, why exactly does that go hand in hand with welfare cuts?

Oh wait it doesn't!

We need a fair tax system this one is most certainly not!

[Isitmebut]

"or your casual racism towards them."

Thanks, something else to add to the pathetic deflection list.

[ssd]

isitme, why did you post this to me on Monday 13th?

"Please tell me what YOU disagree with, from the FACTS I have posted, whether they appear in non Daily Mirror papers, including the Beano???"

do you have any idea how utterly patronising and aggressive your posts are?

you are reinstating every illusion that non conservative voters have when they imagine what a typical tory sounds like and believes

well done!

[tabulahrasa]

But they haven't rebalanced tax credits subsidising low wages...the 'living wage' won't make up the shortfall, there's nothing balanced about it.

[ConfusedintheNorth]

...typical tory/racist narcissistic a-hole... either/or...

[Isitmebut]

minkGrundy .... your rambling list is basically rollocks, from a Trident costing what over the next 30-years to pensions, where Labour really screwed this pooch - great if in the Public Sector, especially if one of the million of new Quango and non jobs with final salary rights.

Apr 2014; ”Revealed: Labour's 'stealth raid' took £118BILLION off pensions, 'paving the way for the end of final salary schemes as they were suddenly unaffordable'
• Gordon Brown scrapped tax relief on pension firms' dividends in 1997
• Move blamed for wrecking industry and decimating final-salary schemes

www.dailymail.co.uk/news/article-2613609/Revealed-Labours-stealth-raid-took-118BILLION-pensions-paving-way-end-final-salary-schemes-suddenly-unaffordable.html

”Analysis by the Office for Budget Responsibility shows it has saved the Treasury almost £7billion a year – £2billion more than Mr Brown had expected.”

”The annual gain is expected to top £9.7billion this year with £117.9billion saved between 1997 and 2014.”

”Since 1997, the number of private sector workers with a defined benefit pension has collapsed from 5million to 1.7million.”

”In 1997, 34 per cent of staff at private sector firms were in a final salary – or defined benefit – scheme. By 2012, this had slumped to just 8 per cent – just one in 12.”

”Each year the dividend payments that pension funds were stripped of would have been reinvested and grown.”

”One financial expert calculates that the total amount stripped from the nation’s pensions could amount to as much as £260billion. With less money in their coffers and with pensioners living longer and needing money for longer, pension funds soon ran into major difficulties.”

And as a further example of the damage done By Brown (and his advisor Ed Balls) in 1997, the figures versus the Public Sector - where few can every mind Final Salary pensions to any public servant on the ‘front line’ - were as follows;
www.telegraph.co.uk/finance/personalfinance/pensions/10698432/Final-salary-pensions-10-times-more-common-in-public-sector.html

[amothersplaceisinthewrong]

Glad corporation tax being reduced as we have a limited company. But this will be cancelled out by the tax on the dividends we take from the company.

[Isitmebut]

ssd ... "do you have any idea how utterly patronising and aggressive your posts are?"

I suggest you read both the aggressive and icomments to me, over just the last few pages - from posters who'd rather stew in their own ignorance.

[ConfusedintheNorth]

so isitmebut, as we're talking about pathetic deflections, can you explain to me - (without quoting history of politic or any other miscellaneous ramblings in a vain attempt to appear educated) - why is is fair that those working full time on the lowest wages have to make severe cut backs, whist those earning over £43,000 get a tax cut.

I've always been a firm believer in the fact that it you can't explain something simply, you don't understand it properly... I have a strong feeling you're about to confirm this.

[Viviennemary]

I think it was a good budget on the whole. Tax credits for self employed people were taken advantage of. I don't mean everyone did but these businesses from home working at crafts and suchlike aren't a job if people are only earning a few thousand a year. They shouldn't be relying on hardworking people with proper jobs to subsidise this indulgence. I think the personal allowance should have been raised a lot more but it was a start I suppose.

[Isitmebut]

"We need a fair tax system this one is most certainly not!"

Well from 2010 what will millions pulled out of taxes altogether and the rich paying more tax than under socialism, I'd say that it is a lot fairer.

Feb 2015: ”Britain's highest earners pay a quarter of nation's income tax”

“New figures published by HMRC show that the proportion of the nation's tax bill paid by the richest has risen under the Coalition”
www.telegraph.co.uk/finance/personalfinance/tax/11411790/Britains-highest-earners-pay-a-quarter-of-nations-income-tax.html

“Britain's highest earners pay more than a quarter of the country’s entire income tax bill, more than when the Coalition came to power.”

“Nearly 300,000 taxpayers are forecast to contribute the equivalent of £45.9? billion in income tax between them by the end of this year, equivalent to £150,000 each. The amount they have paid has risen from 25 per cent of the nation’s tax bill when Labour came to power to 27.3 per cent this year.”

“The figures will be welcomed by the Conservatives, after repeated accusations from Labour that the party has given tax breaks to the rich.”

“They also suggest that the Coalition’s decision to cut the top rate of tax from 50p to 45p has increased revenues.”

“When George Osborne announced that he was cutting the top rate in 2012, Ed Miliband, the Labour leader, described it as a “tax cut for millionaires”.”

“However, the official figures show that the number of additional-rate taxpayers has risen from 273,000 to 313,000, with income tax revenues rising from £38billion to £46.5billion.”

“A Treasury source said: “This is more evidence that Labour’s chaotic gimmick raised no money but did drive away business and investment.”



May 2014: “HMRC crackdown yields record £23.9bn in additional tax”
www.bbc.co.uk/news/business-27576626

”The government has raised a record £23.9bn in additional tax for the year to the end of March as a result of a crackdown on tax avoidance.”

”HM Revenue and Customs (HMRC) said it had secured the money - the highest amount since records began - as a result of its investigations.”

”The figure is almost £1bn higher than the target set by Chancellor George Osborne in the Autumn Statement.”

”The extra money raised is in addition to regular tax receipts.”

”HMRC credited "increased activity" on unpaid tax for the figure.”

"HMRC will pursue those seeking to avoid their responsibilities and will collect the taxes that are due," said Treasury minister David Gauke.”

"The government is determined to tackle the minority that seek to avoid paying the taxes they owe," he added.”

[Isitmebut]

But hey peeps, don't let the facts get in the way of socialist bleating and propaganda.

[ConfusedintheNorth]

...would you look at that I was right!

[ssd]

the only person spewing nonsensical propaganda here is you isitme

but keep it coming, I'm sure we are all learning a lot from someone as clever as yourself

in fact, I feel another long, rambling, underlined and highlighted post is coming up....

just hope they pay you well at Tory HQ

[ConfusedintheNorth]

Yeah, there's two types of people in the world. Those that can look at data/reports/statistics and pull of the facts and form an understanding and opinion of them, and those that mindlessly repeat them.

[Isitmebut]

ConfusedintheNorth ....whether the RISE in welfare/benefits/tax credits, or why pensioners are not hit, or why the band on the 40p tax rate has been increased by the Conservatives - YOU HAVE TO LOOK AT 1997 to 2010 to see where the money went and what got mullahed under Labour.

Have you heard of Fiscal Drag, where a Chancellor does not annually increase tax allowances in line with inflation, which in the 2000's was closer to 5% than 1% now - as a home work project, check how much Brown nobbed the non rich, including public sector front line workers, by NOT raising the start rate of paying the 40p rate.

Take Housing Stamp Duty, in 1997 it was Flat Rate 1% that Brown steadily increased to 3% plus through the years, but the Fiscal Drag affect meant that what was originally meant to tax the wealthier in society, dragged many families in to a huge bill as the average home went from £73k in 1997 to £232k in early 2008.

So when the housing crash happened, that tax made the housing log jam worse - my point being, Chancellors have to also correct past government policies that have become unfair - so when judging the NOW, look at the past tax raids and gifts.

[ConfusedintheNorth]

Viviennemary, I agree some did take advantage, but there's a difference between turnover and profit. A lot of home businesses will re-invest and re-invest in their stock and resources to move on from a small work at home business into a bigger more profitable situation, the issue is that the Universal Credit system doesn't allow for that. You need to be earning minimum wage in profits from day one. Unless you take a large business loan, register the company and draw a salary this just won't happen.