Cameron makes savings tax pledge

Masomnia

Yeah both of them. Never thought I'd find myself quoting the Mail but there hs to be a first time for everything:

http://www.dailymail.co.uk/femail/article-462313/Dave-Cameron-says-hes-touch-reality--wealth-blue-blood-wonder.html

But as well as being impeccably connected, David Cameron is also extremely wealthy. Sunday Times Rich List compiler and wealth watchdog Philip Beresford has valued the Tory leader for the first time. He says: "I put the combined family wealth of David and Samantha Cameron at £30m plus. Both sides of the family are extremely wealthy. They certainly have no need to worry about poverty or paying school fees."

louiser123

overlander wrote: »

Yes but i am sick to death of hearing about people on low incomes. What about the backbone of the country people earning middle incomes what about them, at least Camerons idea will help them. Enough of all this pc crap middle income people are hurting as well.

i wouldnt say that low income earners are not the backbone of the country, just because of the amounts you earn does not make you any less important!!! low earners for the most part make up a huge amount of our society and are all valuble members just as much as millionaires!!
not everyone can afford to save a lot and the changes here will have very little impact on the majority, and those who have been marvelous and saved thousands will indeed benefit most. but we are not all the same nor do we earn the same diversity and equality are the things we hear so much of but it seems very apparent through this board and thread that it does not really exist.

and no im not a low earner neither is my hubby and we are very thankful for we have and are very aware of others much worse off, it really angers me when people have the view of the less you earn the less intelegent you are or the less important you are, there is so much more to life than money!!!

Rochdale_Pioneers

!!!!!!? wrote: »

What does his personal wealth have to do with his ability to work effectively as a political leader?

Absolutely nothing, but as an image it is damaging.

Cameron's Tory party has laudibly tried to reconnect with the poor and disposessed. Thats a pretty hard job with their track record, then you look at their front bench and their Bullingdon Club photos. Half of the shadow Cabinet are at least millionaires (several are multi-millionaires) and have just rebelled against Cameron's attempt to stop them having 2nd and 3rd jobs due to being unable to live on the £80k a year they get as shadow cabinet members.

I'm not saying it makes his job impossible - he has made a real go of trying to address the kind of social problems we have had since the 80s. But put yourself in the shoes of someone in the underclass. Little money, poor prospects. Then some public school toff with £30m in the family coffers tells you that measures to keep you in a job and a house can't be afforded.

Masomnia

!!!!!!? wrote: »

What does his personal wealth have to do with his ability to work effectively as a political leader?

I think it puts him out of touch with ordinary people and their needs. Scrapping savings tax for basic rate payers sounds nice, grabs the headlines, makes it sound like the Tories want to reward savers unlike Labour, but as someone pointed out you'd have to be saving over £3,600 pa for that to make much of a difference.

Which is going to be anything over the first approx. 10% of savings from your income after tax, national insurance, pension contributions.

All this is something he's never had to think about.

chewmylegoff

edgex wrote: »

how much does it cost to collect 10p in tax off someones account? more than 10p!

no, less than 10p. for the government that is. because the banks pay interest net of 20% tax and pay the withheld tax over to the treasury. quite a cheap tax to collect.

i agree with the basic mantra that tax on savings that you have earned should not be taxed, as you have already paid tax once. but the fact is that it is taxed, and if they remove tax on savings they will have to tax something else more - namely your income.

swings and roundabouts really.

PasturesNew

It would help me with my STR fund, the interest on which is very little and yet I am paying 20% tax on it.

PasturesNew

Masomnia wrote: »

as someone pointed out you'd have to be saving over £3,600 pa for that to make much of a difference.

Many poorer people, on lowish incomes, don't save in an ISA because they don't have any spare money each year (I never did). And then one magical day they come into a few bob, which they can stick away. It would help those. Those that are unable to save consistently over the years, but who get a small wedge from somewhere.

Even when I get a (high paying) job shortly, I don't expect to be a higher tax payer.

overlander

louiser123 wrote: »

i wouldnt say that low income earners are not the backbone of the country, just because of the amounts you earn does not make you any less important!!! low earners for the most part make up a huge amount of our society and are all valuble members just as much as millionaires!!
not everyone can afford to save a lot and the changes here will have very little impact on the majority, and those who have been marvelous and saved thousands will indeed benefit most. but we are not all the same nor do we earn the same diversity and equality are the things we hear so much of but it seems very apparent through this board and thread that it does not really exist.

and no im not a low earner neither is my hubby and we are very thankful for we have and are very aware of others much worse off, it really angers me when people have the view of the less you earn the less intelegent you are or the less important you are, there is so much more to life than money!!!

Noboddy every said low earners were not important, but i for one are sick of all the focus on the low earners. Where is the help for the middle earners, you know the ones who ohhh i feel so guilty do the design jobs, research, medicine etc, ohhh you bad lot. You know the ones who actually might drag this country back from being shopkeepers to a manufacturing country. Ohh i forgot they are just shafted again.

cogito

Masomnia wrote: »

I think it puts him out of touch with ordinary people and their needs. Scrapping savings tax for basic rate payers sounds nice, grabs the headlines, makes it sound like the Tories want to reward savers unlike Labour, but as someone pointed out you'd have to be saving over £3,600 pa for that to make much of a difference.

Which is going to be anything over the first approx. 10% of savings from your income after tax, national insurance, pension contributions.

All this is something he's never had to think about.

How, exactly, are Brown and co 'in touch with ordinary people and their needs'? Have any of these career politicians ever had a real job at any point in their lives?

chewmylegoff

cogito wrote: »

How, exactly, are Brown and co 'in touch with ordinary people and their needs'? Have any of these career politicians ever had a real job at any point in their lives?

and, of course, there are no millionaires in the current cabinet.

ha. ha. ha.