March Budget 2016
- Thread starter helpimcrap
- Start date
He hasn't. That's always been his name.It's the 'at say 40%' that we are querying.....has anyone done the calculation to know if that is enough? What if it needs to be 'at say 60%' to work
Bringing in Dolph's citizen income and scrapping the current slew of benefits
Ignoring the citizen income and depending on the tax free allowance at 12k it would need to be 35%
Could quote easily work out what 7500 would cost and extrapolate the graph for the extra cost.
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Ignoring the citizen income and depending on the tax free allowance at 12k it would need to be 35%
Could quote easily work out what 7500 would cost and extrapolate the graph for the extra cost.
Let's say for a second flat tax is great and we want to do.
Doing it whilst keeping it neutral for middle earners is impossible. If you keep it neutral in the middle (existing basic rate payers) you lose money from higher rate payers.
That just won't pass any fairness metric other than one which is all about tax efficiency.
Does the graph above ignore NI? Because if it does we need to up the flat rate for that as well.
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Why would you want to keep it the same fir middle earners.
Sod what public want, most are self centred.
I'm in the group which would be hit "hardest" by flat tax and I still think it's the fairest way.
And by hard you aren't losing thousands a year anyway. Also means those on low pay its very worth while working a few extra hours. As they get all the money.
Don't see the point in taxing people then paying tax credits and other benefits. Convoluted, and cost expensive way of doing things.
Problem with popularity democracy everyone wants what's best for them not the country as a whole.
Percentage, Costs, total revenue etc all depends how its implemented.
Would like to see ~25k tax free, then flat tax. Doesn't matter if it's high due to high tax free allowance. Then simplification and less loopholes so extremely rich pay flat tax on most of their income rather than avoiding it.
Same with companies skipping paying corporate tax, lower the rate, remove loop holes. Small companies that can't avoid it are better off. Big companies can't skip it. Revenue stays the same or increases despite lower rate.
Sod what public want, most are self centred.
I'm in the group which would be hit "hardest" by flat tax and I still think it's the fairest way.
And by hard you aren't losing thousands a year anyway. Also means those on low pay its very worth while working a few extra hours. As they get all the money.
Don't see the point in taxing people then paying tax credits and other benefits. Convoluted, and cost expensive way of doing things.
Problem with popularity democracy everyone wants what's best for them not the country as a whole.
Percentage, Costs, total revenue etc all depends how its implemented.
Would like to see ~25k tax free, then flat tax. Doesn't matter if it's high due to high tax free allowance. Then simplification and less loopholes so extremely rich pay flat tax on most of their income rather than avoiding it.
Same with companies skipping paying corporate tax, lower the rate, remove loop holes. Small companies that can't avoid it are better off. Big companies can't skip it. Revenue stays the same or increases despite lower rate.
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That wouldn't work. I don't know where people think all of these "loop holes" are. If the Government could plug them easily then they would have. For example, using a company to channel your income may be beneficial to some but there are limited measures you can use to stop that without impacting genuine uses for a company.
Most flat rate tax models assume a tax-free allowance of minimum wage (£13.5k). £24k is about the median salary for the country.
Sums him up really.
Soldato
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Conservative Party are unfit government for our country. David Cameron and George Osborne have to go!
What a mess!
What a mess!
Soldato
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Incapacity benefit is claimed in what circumstance?
Is that where you are sick off work with an injury, and claim it instead of job-seekers?
How long does it last, meaning, is it meant to be short term, or is it claimed in conjunction with PIP?
Is that where you are sick off work with an injury, and claim it instead of job-seekers?
How long does it last, meaning, is it meant to be short term, or is it claimed in conjunction with PIP?
Income support is also where you have very young children and so you can't seek employment. So we're talking about lone parents with children under 5 here.
Can anybody spot the elephant in the room?
Not that they shouldn't be entitled to it, but pensioners also get Housing Benefit, DLA, PIP. In fact it isn't surprising to hear they are more likely than most to have the latter.
Below is the changes over the last 2 parliaments. The increases themselves aren't a problem (as you get inflation and gdp growth over time), but the reallocation of resources between spending areas is stark.
The graph below includes Local Authority spending which gets ignored a lot.
The complete budget is worth a read as well.
https://www.gov.uk/government/uploa...ile/508193/HMT_Budget_2016_Web_Accessible.pdf
Page 45 is interesting. Corporation Tax will have been cut from 28% to 17% (lowest amongst the 20 or so developed countries shown). Good luck getting all that money back through the closing of loopholes or international businesses voluntarily giving up next to 0% rates of tax elsewhere to relocate to the UK.
Then there is the large cut in Capital Gains Tax.
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Soldato
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Not income support, but incapacity benefit is what I asked regarding, what are the rules regarding claiming it?
Not suggesting anything should be cut. Just wondering regarding what it is and what it covers.
I flicked through the document this morning, they're expecting quite an uptick in capital gains tax collections despite the cuts. The corporate income tax receipts were pretty flat from what I recall.
Also buried in there is the forecast for environmental taxes and stamp duty, these are forecast to rocket.
(Forecast through to 2020)