Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
The newspapers are bashing the Budget this morning...saying things along the lines of...
Grannie tax pays for cut in 50p tax rate for super rich!!
Of all the things that were pre-briefed, this one they kept very quiet about. No leak for this one...twas buried in the fine print. It is somewhat technical but pensioners will be worse off to the tune of £3billion per year...something between £200 or maybe even as much as £300 per year each.
Crumbs! thats not good is it.
It seems HMG are shocked at the response from the media.
Also
Another figure, this time from Sky News last night.
£9,800,000,000
I hope Ive put in the right amount of zeros there. It shows it like it is, rings home more if you put in all the zeros. But this is the amount of money the government will rake in from cigarette smokers next year alone. Yes indeed... in one year. £9.8 billion.
The 37p was a swingeing increase yesterday.
As was said on TV, you can see why the government dont bring in an outright ban on smoking.
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
paulb,they will only rake that amount if everybody that smokes buys them at the shops,but the up/down side is people will look for a cheaper version of the dreeded weed.hence more so called smuggeled stuff being brought.so with increase in tobbaco duty the more people will buy the smuggled stuff thus doing the osbourne out of revenue.goverment shoots itself in foot again,will they never learn.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
The article is utter rubbish...
The 50p does not have to be 'paid for' as it reduces HMRC income and the 45p rate is merely less damaging to HMRC revenues than the 50p rate.
I personally do not approve of the removal of the age allowance but this was a process started in the last year but the media have got it wrong and are wildly exaggerating the issue. Lets see the facts:
Income Tax allowances 2011-12 2012-13 2013-2014
Personal Allowance £7,475 £8,105 £9,205
Personal Allowance for people aged 65-74) £9,940 £10,500 £10,500
Personal Allowance for people aged 75 and over £10,090 £10,660 £10,660
As you can see there will not be a reduced age related allowances as such, they are merely bringing them into line with the personal allowances the rest of us get and seeing these are increasing significantly anyway the poorest pensioner will not be affected.
Worth noting too:
1/ The triple lock improves the state pension and this year there will be the biggest ever increase.
2/ The age allowances are lost anyway by 'better off' pensioners who have a taxable income over £24,000 for this year, so it disappears at a rate of £1 for every £2 of taxable income over that resulting in an effective tax rate of 30%.
3/ Pensioners do not pay NI, only income tax so basic rate taxpayers will pay 20% instead of the 32% those of us in work pay.
So while I do not approve of this particular change the fuss is way over the top.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Mmmm my spacings disappear when uploaded - I hope the 'table' is still understandable.
Guest 683- Registered: 11 Feb 2009
- Posts: 1,052
From the FT:
But at least millions no longer pay tax?
Having no income tax liability does not equate to no tax liability. Those no longer paying income tax still pay national insurance, value added tax, excise duties and a host of others.
Mr Osborne is simply continuing a long and ignoble tradition of cutting income tax rates while increasing other taxes. It applied as much in Labour years as now.
Worse, the thresholds for income tax and national insurance had been aligned before the coalition became misty-eyed about the level of the personal allowance, a useful piece of tax simplification. Now, people will pay national insurance and not income tax.
They will not feel they have been spared tax altogether.
Who are the winners and losers?
If you are elderly with a modest pension, freezing the income tax age allowance will hurt. Smokers, drivers of company cars and buyers of expensive homes were other losers.
Gainers include rich people who can pay themselves in 2013-14 and save lots of money, while looking down on the vast majority of taxpayers gaining just £14 a month from a higher personal allowance.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
response to the budget from gordon cowan and mike eddy on the front page now.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Mark - that is not the full story. How interesting how some journalists can warp things to match the story they want to tell.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
Interesting stuff above...
also ...just in
the press release from the local LABOUR guys , Leader Gordon Cowan and Shadow Finance Mike Eddy now on our frontpage.
Many thanks guys! Always welcome.
we posted at the same time...
Guest 683- Registered: 11 Feb 2009
- Posts: 1,052
Don't be misled by the 'no change' on alcohol duty either. The duty escalator (introduced by Labour and to be continued by the coalition until 2014) is set at 2% above the rate of inflation and will equate to a 5% increase in duty.
Smoke and mirrors, smoke and mirrors.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
definitely all about the small print, as far as i can see only the f.t. has anything positive to say.
the "granny tax" takes centre stage.
Guest 716- Registered: 9 Jun 2011
- Posts: 4,010
Budget for the rich................ a robin hood tax in reverse...........now grannies lose out to the rich...................
Forget all the finance johnnies usual gobbledegook the simple fact is the chancellor has taken £ 3 billion away from
pensioners and given it to the well off......and the finance johnnies will still make sure the rich keep avoiding paying tax..
.....and economic growth will still be in stagnation..........
Conservatives are 3% up in the polls due to the `what we inherited` propaganda...........if this budget does`nt allow the
general public to see the wood for the trees when the 94% cuts still to come hit home in the next three years..........
...then look at the polls........
The chancellor`s latest classic...........``If the public do not believe me``..........remember `we are all in it together`
..................now its ``pensioners and general public are all in it on their own``...........
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
The facts don't suit or interest you then Reg because they conflict with what you prefer to think.
You might do better to actually listen to what we who know about finance say. Your attitude is similar to Brown's when he ignored people who know what they are talking about and sold off gold for £2bn which would not be worth £13bn.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
The news on the pensioners is beginning to go viral. This surely is not what the government wanted. Even if there are good bits in the Budget and there are, they have shot themselves in the foot on the pensioner situation. Literally hundreds and hundreds of posts on the BBC, and of course I'm sure Twitter is twittering like mad. It is costing pensioners more...which is a faux pas in anyone's book. Figures vary as to the amount and according to which source you take as gospel, but all seem to agree it is costing the pensioner more.
Guest 715- Registered: 9 Jun 2011
- Posts: 2,438
Oh to have the financial acumen to know better than the likes of former chancellors , I am sure if I did I would have a large business empire and be operating at the very top level for my chosen Political party, however I do not so it is PAYE for me and pay my dues as requested by whichever party is in power.
Audere est facere.
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
i thought the chancellor looked rattled when interviewed earlier, the top brass clearly were not expecting the fall out.
their friends in the press i,e, telegraph, mail and express are seeing the budget as an attack on people who have scrimped and saved up for a pension in their later years in order to fund tax cuts for people well off already.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
Labour's ritual attack on the budget is nothing to do with economics and all to do with party political yah-boo, it sucks.
I have great respect for your average hard working Joe who holds strong socialist views and votes Labour. But Labour's political leaders seem to live in La La land. Their knee jerk rhetoric belongs in the playground, not in a serious debate on the economy.
There. I've said it. But I'm still not joining the Conservative party.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
it is not the reds making the most noise, it is the blue press and the wider public.
i haven't looked on conservativehome but i would expect there to be rumbles of discontent from their traditional supporters.
But the red response was so childishly predictable. I have commented as much on the Health bill thread. Achieves nothing.
Guest 715- Registered: 9 Jun 2011
- Posts: 2,438
Presumably the Blues did not react in the same way at Red budgets?
Audere est facere.
Of course they do. That's the point.