Politics Today

[Spanks]

There will also be a tax cut to the basic rate (from 20% to 19%). Did you miss that? On top of the 1.5% NI reduction.

I'm ready with the list of charities if you want it.

Dude, you're playing like 2.5% of squat = 5% of shit loads

...And then you'll tell DB and Hermann that they're both in for themselves

 

[lamrobhero]

Paul Johnson Institute of Fiscal Studies:
£45 billion of tax cuts. This is biggest tax cutting event since 1972. Barber's "dash for growth" then ended in disaster. That Budget is now known as the worst of modern times. Genuinely, I hope this one works very much better.

The Tories taking the country back to the 1970s - you know it makes sense.

The Economst take on it was to compare it with early 1980s Reaganomics - the distinction that it makes is that the US dollar was a reserve currency so rising interest rates boosted the dollar which helped in the inflation fight - not going to happen for the UK.

 

[Grecian2K]

It Kami-Kwasi economics!

And I wonder how long the "great unwashed" will take, as their health care provision is steadily pared away, to wake up and smell the Coffey"?

 

[Mr Jinx]

Dude, you're playing like 2.5% of squat = 5% of shit loads

Can you explain that a bit better. Don't quite understand.

 

[Mr Jinx]

The Tories taking the country back to the 1970s - you know it makes sense.

The Economst take on it was to compare it with early 1980s Reaganomics - the distinction that it makes is that the US dollar was a reserve currency so rising interest rates boosted the dollar which helped in the inflation fight - not going to happen for the UK.

The 70's where Labour had the top rate at 80%? That really worked didn't it!

It's much more like Reganomics and the mid eighties.

 

[Spanks]

Can you explain that a bit better. Don't quite understand.

Convenient.

 

[Mr Jinx]

Convenient.

I'm not too good with riddles I'm afraid.

That's why I need Spoonz to explain Biden's witterings.

 

[angelic upstart]

The 70's where Labour had the top rate at 80%? That really worked didn't it!

It's much more like Reganomics and the mid eighties.

The funny thing about taxation has largely gone down in terms of income tax, whereas all the regressive taxes have got much larger. Reality tells us the World has changed massively since the 80's and ideology of any kind is largely a waste of time and will almost certainly not work.

 

[Mr Jinx]

It's not a real tax cut!

And your workings aren't real workings in that they appear incorrect. Let's start with this line:

"Mr AU earns £45,570. So Mr AU pays 6.6k in tax and 4,372.50 in NI (assuming Mr AU doesn't have salary sacrifice, or a pension) he will gain £66 a year in tax and £65.58 in NI this year from the tax cut. A total of lets round up to £132 a year."

By my calculations he will gain an extra £330 in tax, not £66. I think you might have got the NI wrong too (and therefore obviously the total which would be significantly more).

Can someone else sanity check? I'm not 100% sure though as UK income tax is an exercise in smoke and mirrors.

 

[angelic upstart]

And your workings aren't real workings in that they appear incorrect. Let's start with this line:

"Mr AU earns £45,570. So Mr AU pays 6.6k in tax and 4,372.50 in NI (assuming Mr AU doesn't have salary sacrifice, or a pension) he will gain £66 a year in tax and £65.58 in NI this year from the tax cut. A total of lets round up to £132 a year."

By my calculations he will gain an extra £330 in tax, not £66. I think you might have got the NI wrong too (and therefore obviously the total which would be significantly more).

Can someone else sanity check? I'm not 100% sure as UK income tax is an exercise in smoke and mirrors.

You know what you might be right, I did 1% of 6.6k not 19% or 20% of the actual taxed amount. Same with NI.

My point stands, it'll make little difference whilst personal allowance remains at 12570