Possible Tax Cuts on the way

ad44downey

PasturesNew wrote: »

I thought it was £34,800

http://www.hmrc.gov.uk/rates/it.htm
.

You've got to add your personal allowance of about £6K to that to get around the £41K mark

Spiv_2

JayScottGreenspan wrote: »

I agree that the government needs to do something, but unfortunately sensible arguments about exactly what are not forthcoming from either of the main two parties.

Many within Labour think government borrowing is just a number on a piece of paper and doesn't matter. They point to Japan where the deficit is over 100% and life still goes on. .

Good post but the deficit in Japan is 195% and in the UK is less than 40%

Spiv_2

JayScottGreenspan wrote: »

A lot of old school Tories seem to be unaware that sometimes it is possible to borrow some tax from future generations and deploy it for a better overall gain. Generally this means borrowing for investment (would have been nice if Gordon stuck to this mantra) but it is possible for fiscal stimuli to have a long term benefit too.

Clearly we need some sensible debate over the middle ground about where to pitch the balance between stimulus and prudence. The only man I see making that case at the moment is Vince Cable. Most others are just parroting the same old tired ill-thought-through left wing/right wing cliches that they always do.

Options seem to be:-

1) Reduce VAT to 12.5%
2) Reduce income tax
3) Tax breaks for small businesses
4) Bring forward public sector capital projects
5) Spend on alternative energy projects
6) All of the above

1 and 2 are fast acting. IMHO I think the reduction of VAT will give biggest boost.
What did you have in mind?

Spiv_2

mitchaa wrote: »

Why dont they follow the Lib dem idea and tax higher earners more? This would allow for a tax cut without the need for further borrowing

50% for the top earners and a reduction down to 16% for BR earners.

I wouldn't class £41k earnings as high earnings though so they would have to adjust the band upto say i would say £80-100K for 50% taxation. Perhaps a 30% tax band for £45-80k

They do it in other countries, why not this 1?

They also need to close all these tax avoidance loopholes that the super rich exploit.

It would be good to see an income tax cut but i can't see it personally. I can only imagine that it will be the benefit brigade that will be rewarded (again) and it will be the worker who will get bent over when the pre budget report is broadcast. We do have a labour government afterall.

Sorry I can't agree with this. 50% is really 60% (with NI etc)..too much:eek:

SingleSue

I would love to get 20k let alone 40k!

BACKFRMTHEEDGE

StevieJ wrote: »

I think both here and in the US the govt delibrately refused to intervene in the recession, then again we had North sea oil revenues to waste on the 3 million unemployed.


'As unemployment reached the unprecedented level of 3 million There was widespread criticism of the government. During 1981, in a famous letter to the Times, 365 economists signed a letter calling on the government to alter its economic policy and put an end to the recession.'

'The govt argued that the recession was necessary to shake up the economy and get rid of inefficient firms. It is true that some firms were inefficient but most economists would argue that the recession was deeper than it need to be. With the rapid appreciation of sterling many good firms also went bankrupt.'

'Combined with rising interest rates, sterling appreciated from £1 to $1.5 to $2.5. This appreciation in the pound adversely affected Britain’s exports and manufacturing sector. It was here, that the UK suffered the worst effects of the 1981 recession.'

!!!!!! bows down to Thatcher.
So Thatcher wanted to combat inflation, what she did was destroy the manufacturing sector.

!!!!!!? wants eveyone to leave the markets alone and let them find their equilibrium and here is a great quote from another thread:-


Still, we need to wean ourselves off it sooner or later and become a producer if we are to have any sort of wealth to base our standard of living off of. Living off of money borrowed from foreigners and cheap imported goods wasn't sustainable. !!!!!!?

He doesn't realise (this is nothing personal !!!!!!? I'm just alot older than you) that the markets being allowed to work "its magic" is the very thing that brought about what he is complaining off ie the lack of a manufacturing base.

The markets don't work magic !!!!!!? They are cruel beyond your imagination.

drbeat

BACKFRMTHEEDGE wrote: »

!!!!!!? wants eveyone to leave the markets alone and let them find their equilibrium and here is a great quote from another thread:-


Still, we need to wean ourselves off it sooner or later and become a producer if we are to have any sort of wealth to base our standard of living off of. Living off of money borrowed from foreigners and cheap imported goods wasn't sustainable. !!!!!!?

He doesn't realise (this is nothing personal !!!!!!? I'm just alot older than you) that the markets being allowed to work "its magic" is the very thing that brought about what he is complaining off ie the lack of a manufacturing base.

The markets don't work magic !!!!!!? They are cruel beyond your imagination.

Looks like I'm next :j

BACKFRMTHEEDGE

neverdespairgirl wrote: »

It's not a binary deficit / no deficit idea, though. The size of it is very important.

If your gonna spend money it might as well be on something worthwhile...or are you the the little rich housewife who is quite happy to see three milion on the dole. I never see you come to the defence of those less fortunate than yourself....

drbeat

BACKFRMTHEEDGE wrote: »

If your gonna spend money it might as well be on something worthwhile...or are you the the little rich housewife who is quite happy to see three milion on the dole..

Its got to be my turn now?

SingleSue

BACKFRMTHEEDGE wrote: »

If your gonna spend money it might as well be on something worthwhile...or are you the the little rich housewife who is quite happy to see three milion on the dole. I never see you come to the defence of those less fortunate than yourself....

That would be where you are wrong.