for the hard-of-thinking, does anyone know what they're all planning to do about TAX CREDITS? Cos that will sway my vote....

[WitchBoxToX]

Apart from the current government, I've not managed to find out what our mates Nick and Dave have planned - way too cagey over it all. Anyone know?

Both LDs and Tories will cut tax credits for households earning over £50k.

Conservatives have said that they will keep TC but lower the top wage limit.
They intend to carry on helping the low earners.
Lib Dems have said they will give lots to everyone but I am not sure of actual policy.
I'm sure someone will tell you soon.

Tories have said they will end them for households over £50k, but their figures don't add up. In order to save the amount they've said they will save, they'd have to cut them for households over £31k (from memory).

Dave is planning to get rid of tax credits where the family's income exceeds £50k (currently this is £60k).

Lib dems: "restrict tax credits". No idea what they mean, but since they want to increase the personal allowance to £10k I suspect (don't know though) that tax credits would go unless you were on a very low income.

Tory - none for 50k +
Lib Dem - none for top 20% (of who get them now I guess)

From what I understand it is like this/ how I understand it basically:

Conservatives-stop ctc for those over £50k, but that will have an effect on families also earning £31k [notice they have not said a figure for low earners] as it will cut back downwards to that amount I think. The IFS explains this a bit and there has been alot about this £31k figure in the media-it is indeed very unclear [on purpose maybe?!].

Lib Dems-I think want to change it [not sure how though] and say the tax changes on your first £10k will make up for losses

Labour-keep it in tact and extend it.

newyorkshire - keep it intact and extend it how? There is no money left.

George Osborne promised cuts to tax credits that would save £400m pa. The IFS confirmed that in order for this amount to be saved, the threshold would have to be lowered to £31k. So either that's Tory policy, or George Osborne can't use a calulator.

As far as I can see, GB and his cronies have successfully convinced a huge swathe of Mumsnetters and the general populace that the Tories will be cutting tax credits for everybody, poor and well-off alike.

Has everyone already forgotten GB's proposal to abolish childcare vouchers? Yes he's backtracked for now, but for how long. That would have affected my family, and many others, a whole lot more than anything the Tories or Lib Dems propose.

LOL. Nice selective quoting there (from the Daily Mail, natch...)

'But the IFS confirmed that the Tories will only abolish them for families on more than £50,000 a year, although those on more than £40,000 will lose some money.'

I've bolded the bit you left out - I'm sure it was unintentional

Whiff of desperation from Labour HQ tonight.

Nobody knows what Labour will do because they haven't said anything at all about their own policy on the matter. Cut them by stealth I'd imagine as they have already been doing.

But Policywonk - the £50k figure is clearly set out as the point at which they will be abolished, not simply cut down. I don't see any discrepancy at all in Tory policy on this issue. And I am frankly amazed that so many people are getting so hett up about £545 a year.

Labour have said! It's the others being vague and cagey with numbers, hence the original question I think

Completely ridiculous that Tax Credit were given to £50k+ earners. No wonder this country has run out of money.

policywonk

What a stupid game you are playing.

If the figures don't add up, that is a fair comment.

It is totally ludicrous to then try to extrapolate and say what they would do.

All parties have a massive black hole in their finances; we know that.

On the same basis, given that Labour haven't said how the NHS is going to pay the hundreds of millions that the increase in National Insurance will cost, I could conjure up a scare story to say that Labour are planning to cut thousands of nurses. That would be equally fatuous and frankly immoral.

What has happened to Gordon Brown's moral compass, if this is what he is left with?

oooh, I wandered off for a few mins and look what happened!
Well thank you for the many answers Actually our household income isn't anywhere near the numbers quoted,(which is why I'm interested, obv) so it looks like we're below all of them and presumably the main parties are all doing various cons on the same theme?

btw, it's not £545 a year

The only thing I've heard Labour say is that they won't cut anything. Total patronising bollocks. They're busy thinking up yet more ways to tax us more and make cuts without the sheeple noticing.

Tis not the family element £545?

£545 a year is actually quite a lot to some people

Yes, I know - it is to me. But surely not to a family on £50k a year. £40 odd a month on an income of £3,000 plus? If that is going to break the bank then they've got way more problems than losing the tax credits.