Liz Truss backs down on 45p tax rate cut in humiliating U-turn
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Perhaps they are playing the money markets on the sly?
Still, she did at least achieve one ambition quicker than expected
"Liz Truss ‘willing to be unpopular PM’
www.scotsman.com
"Liz Truss ‘willing to be unpopular PM’
Liz Truss says she's 'willing to be unpopular' while admitting her tax cuts will disproportionately benefit the rich
Liz Truss has insisted she’s “willing to be unpopular” and admitted her planned tax cuts will disproportionately benefit the rich.
www.scotsman.com
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Rats have a tendency to eat their own kind!
As for the 'temporary' chancellor, one wouldn't be surprised if he made a 'quick quid' by crashing sterling...
Given his champagne party with hedge fund managers!
If tanking what was left of our economy was a distraction you wonder what is actually important....answers on a postcard.
Still leaves this one that isn't much help to low income people
19% is the lowest the basic rate has ever been in the modern Income Tax system. This is a tax cut worth over £5 billion for workers, savers and pensioners. 31 million taxpayers will benefit from this policy in 2023-24, with an average gain of £170.
The ones that get maximum from it earn over £50k
It's still an ideological tax cut paid for via debt.
Oh forgot, I quoted from a gov web page.
19% is the lowest the basic rate has ever been in the modern Income Tax system. This is a tax cut worth over £5 billion for workers, savers and pensioners. 31 million taxpayers will benefit from this policy in 2023-24, with an average gain of £170.
The ones that get maximum from it earn over £50k
It's still an ideological tax cut paid for via debt.
Oh forgot, I quoted from a gov web page.You would think that if they wanted to give a tax cut that favours those at the bottom rather than the top they would just raise the tax threshold...
That would just benefit the rich as well as those at the bottom...
What they need to do if they want to 'level up' is return the 50% tax rate for the very rich...
And at least make an attempt to get corporates to pay their fair share and close down offshore tax dodges, of which a very large proportion are held in British overseas territories!
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How do you work that out? approx figs but same for all:
If you earn £50k you pay nowt on 13k, the lower rate on £37k
If you earn £60k you pay nowt on 13k, the lower rate on £37k plus higher rate on £10k.
If you earn £70k you pay nowt on 13k, the lower rate on £37k plus higher rate on £20k.
Those on over 50k get no more
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"Levelling up" is geographical, as well you know.
That's a problem with how income tax payments are calculated. Every aspect could follow curves or laws rather than steps leaving a lot more flexibility.
I vaguely remember rhat the allowance has a limit based on income. Seems it does
Your Personal Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000. This means your allowance is zero if your income is ...
How much extra does some one who earns 25k get?
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Those at the bottom don't pay tax.
They tried a £20 handout to the poorest, which raised a vision: denizens of the squalid proles in their hovels being too comfotable to get up and go to work. Noo no no, can't have that.
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