Soldato
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Far too much on defence
Annual Tax Summary 2014 - 2015
- Thread starter PapaLazaru
- Start date
Man of Honour
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Mine has just been delivered today and I have been looking with interest about where my tax has been spent.
Mine is broken down as follows (as a percentage - this is not a willy waving contest).
Welfare = 25.3%
Health = 19.9%
State Pensions = 12.91%
Education = 12.5%
Defence = 5.4%
National Debt Interest = 5%
Few other things and then:
UK Contribution to the EU Budget = 0.59%
Anyway I am wondering if this is the same for everyone, or do people that pay different levels of tax get theirs divided up differently? For a point of note - during this tax summary, I was not a higher rate tax payer.
Points of note of course must be the Welfare as I am sure this has gone up from the last one I got and also the EU Budget being just 0.59% as I am sure it was meant to be higher if what I read was correct?
Same as yours pretty much:
Welfare 25.30%
Health 19.90%
Sate Pensions 12.80%
Education 12.50%
Defence 5.40%
National debt interest 5.00%
Public order and safety 4.40%
Transport 3.00%
Business and industry 2.70%
Government administration 2.00%
Culture eg sports, libraries, museums 1.80%
Environment 1.70%
Housing and utlities eg street lights 1.60%
Overseas aid 1.30%
UK contribution to EU budget 0.60%
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state pensions are excessive.
Caporegime
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What, £150 a week is excessive for someone who's worked and paid tax all their life?
And if the money deducted from those people's wages while they were working had been invested then instead of 12% it could have been zero by now.
The issue is that with an aging population who live longer this percentage will get bigger and bigger each year. I can't remember the year but not too far away and in our lifetime, there will be more pensioners than working people in the UK. Therefore whatever the state pension is, at least that much will be coming off each persons wages to pay for it.
The issue is that with an aging population who live longer this percentage will get bigger and bigger each year. I can't remember the year but not too far away and in our lifetime, there will be more pensioners than working people in the UK. Therefore whatever the state pension is, at least that much will be coming off each persons wages to pay for it.
Yep, we should be moving towards forced private pension and then means tested state pension for those who need it.
Public pension should also stop using tax to fund and should be same as private where they build their own pot up.
We are extremely slowly moving towards such things.
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I thought that was in reference to government employee pensions. Which is what i was saying are excessive.
And should have been put in from the day it was introduced. If a certain percentage of each persons tax had gone into a fund just invested in the FTSE with the amount of people who die and don;t make pension age plus with 11% growth on average each year, there probably would be a surplus now.
Well, we kind of are with the introduction of auto-enrolment, but the problem is people are used to spending what they earn (and more) and the mind shift to putting aside a huge amount of salary (20%) towards a pension isn't going to happen over night.
Working people pay for their state pension you know.
They aren't paying anywhere near enough for the current triple locked pension they will get.
Go and check how much it costs to buy the current pension which is index linked on the annuities market.
This isn't politically feasible, but national insurance should just be combined with income tax. Then make the state pension means tested in around 20 years and gradually cut the rate of tax by a few percent to compensate. People can save for their pension through ISAs or pension funds.
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Who is they, i know i pay enough NI to cover my state pension.
Just because you are doesn't mean everyone is. Most people aren't. Remember NI supposedly also funds the NHS and JSA. It is insurance against old age, health and unemployment.
It is therefore largely a benefit. It is therefore surprising that it has a triple lock guarantee, whilst other benefits are cut.
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Just cull all of the current pension recipients. This will:
1. Greatly reduce NHS and Social Services spending.
2. Remove the need for a pension attribution in the budget so it can instead be spent on other things.
3. Free up a huge number of homes for young families/adults.
Honestly, I see no downsides.
1. Greatly reduce NHS and Social Services spending.
2. Remove the need for a pension attribution in the budget so it can instead be spent on other things.
3. Free up a huge number of homes for young families/adults.
Honestly, I see no downsides.
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Nah, it's a young persons game these days.
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You should vote Conservative anyway; every other political party is a joke.
they could have included pensions under welfare if they wanted to do that, they didn't
fact is we do spend a ridiculous amount on welfare and they don't need to do much to get us to carry on voting Tory - they're at least doing something about it... there is no credible alternative