thank you
National insurance cut
- Thread starter aspiring
- Start date
As in I get £60 a month extra on my net pay since Jan so I guess I will get £90 nowI assume by "getting" you mean "paying"?
Stick the figures on your latest payslip into this site, confirm it's close to what you're currently getting paid, then tweak to see what effect any cuts/increases will have:
The Salary Calculator - Take-Home tax calculator
The Salary Calculator tells you monthly take-home, or annual earnings, considering UK Tax, National Insurance and Student Loan. The latest budget information from April 2024 is used to show you exactly what you need to know. Hourly rates, weekly pay and bonuses are also catered for. Why not find...www.thesalarycalculator.co.uk
These guys are masters at pitching monetary and fiscal policy against each other.
Soldato
Ah yes, sorry, the £720 being annual rather than monthly - yeah that should be correct. I assume you have a pension/childcare/car/healthcare or something through work which reduces your tax liability.
I get full personal allowance and do pension sacrifice
not sure that's quite right as the cuts don't apply to the 2% rate above the upper threshold I believe
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yeah I actually thought this initially, so it does not affect high earners?
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Public services decimated and in need of investment, what's the best solution? Cutting it even more for headline grabbing and paltry tax cuts. Coming from a man who described a fall in inflation equivalent to a tax cut.
We never learn.
We never learn.
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even with record levels of investments public services fail, look at NHS
I think in general taxes need to be lower. But such a small cut is negligible and we have a huge deficit to repay. So now is probably not the right time for a small election bribe. Anyway, people will still be paying more tax due to fiscal drag.
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does the cut affect take home for high earners?
Soldato
Soldato
Probably, tax cuts are a bit less what the country needs than investment in infrastructure and services.
At least it's NI, so only a saving for working people rather than the retired, who get an uplift through the triple lock anyway.
At least it's NI, so only a saving for working people rather than the retired, who get an uplift through the triple lock anyway.
Soldato
Don’t worry, if you get another penny in one pocket they”ll take 2 out of the other one.
Yes the NI cut affects all earners. But it is clawed back by fiscal drag (ie tax thresholds don't change so more people get dragged into tax bands when they get a pay rise).
Caporegime
Symbolism for election year. Nothing more. It will just hurt our future self so I will likely increase my pension contribution by 1% and thus notice no difference and protect my own future with it.
It'll still cost 4.5bn a year, that has to be funded and it means cuts to services.
Only record in absolute amount, as a rate we are under (of GDP). The population has increased and there are more old people.
The only play the Tories have with public services is under invest or damage until the point of selling it off or just selling it off. Then claim the market will decide and it will cost the government less.
And lets not forget they first promised to balance the budget, then they said it would take longer, then they didn't do it. And now we're at the highest tax burden in decades, the biggest drop in living standards in decades and average salaries lower than 2008 when adjusted (this will be true up until 2026 - nearly 20 years after. The ****!?). Nothing to show for it when we had all those years of cheap money.
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