Public borrowing hike overshadows Osborne's tax breaks
Chancellor of the Exchequer George Osborne delivered his Budget statement to the House of Commons today, which he claimed was about supporting working families and helping those seeking employment. He reaffirmed his "unwavering commitment to deal with debt" and described it as a "fiscally neutral Budget". But the growth …
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All in it together
Except more are more in it than others. If we all had private trust funds providing us with an income in excess of £1million a year, like certain chancellors, then the budget would make sense. The harsh reality for 99 per cent of the country is we pay, they get fat.
Re: All in it together
Did you miss the huge jump in personal allowance, and the large rise in stamp duty on expensive houses (and much more importantly, the abolition of some of the tax crutches the rich use to avoid stamp duty).
Re: All in it together
Huge jump in personal allowance is from 2013 not next month and, of course, not forgetting the slashing of corporation tax and the reduction in the top rate of income tax to 45p in the pound above £150k.
Re: All in it together
You can't blame them for having been born with a silver spoon in their mouth, for owning multiple properties, inheriting fortunes and paying less tax because you have a company of accountants in the back room, for thinking they know what's best for us.
But
Blame them for being so out of touch with the people and hate them for saying 'we are all in this together'. At least you can claim you travel and petrol costs back. Most of us can't do that.
My advice, shut up and actually help us rather than using sound bite headlines.
Re: All in it together
The sad facts are, if you follow the actual economics and not the straight up logic or your ideology, lowering the top rate of tax will result in more incomes being declared and more tax paid.
It's hard for some to understand as people are blinkered by their financial perspective, but if at the end of the day UK plc takes more tax by cutting the top rate, then that's good for everyone!
The top 10% of earners provide 50% of the tax take. You hammer that 10% too hard and they go elsewhere, then your tax take dives. Ignore the annoyance of seemingly giving the rich a tax cut, and realise the harsh realities of economics should outweigh any social ideology.
This BTW is coming from someone whose earnings are very definitely in the lower tax band of 20%...
"he thundered"?
Osborn can sneer. And he occasionally bleats. But he definitely can't thunder; if he tried, he'd sound like Brian Blessed on helium
Re: Tax
If you think you can make money without a functioning society (that requires things like healthcare, roads, schools, police etc) why not go and make your millions in Somalia?
erm
wait, so how exactly do we simultaneously want the "richest [to] pay more [so that] the economy benefits and Britain is competitive again" and consider that the highest rate of income tax should be reduced because "It is widely acknowledged by international observers as harming to the British economy."?
I am confused. Hold me.
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