Tory cuts could be mighty unpleasant

carolt

Exactly. That was my point too.

Also, you have the knock-on effect, as it becomes less cost efective for people to not work or work short hours, as tax credits/benefits are reduced, more tax is paid and so there is more in the pot for everyone.

I think as long as that is combined with raising tax thresholds to say 10K so that the truly poor don't just immediately lose all incentive to work due to taxes, I'd be in favour of it.

whathavewedone

As I understand it the tories are going to bring in something similar to the married people's tax allowance so it will probably even out.

However, even if that doesn't turn out to be the case and we are £40 a month worse off, I'm happy to take it on the chin. I think we all need to recognise the situation that the country's in and take a grown up attitude to it.

StevieJ

whathavewedone wrote: »

Far more people are angry about that than are angry about the pension age being lowered to 66 ten years earlier than labour would have done it.

.

Wait until the 48-58 year olds wake up and realise that they wil be five grand down just for starters
I agree with you about Labours big brother society and its effectiveness in protecting us as a nation.:eek:
May be a good idea to equalise the male and female retirement ages (from 2010) for all those women whom have had a full employment history, I have never understood that one

Generali

StevieJ wrote: »

May be a good idea to equalise the male and female retirement ages (from 2010) for all those women whom have had a full employment history, I have never understood that one

Given the likelihood that a woman in her 60s will outlive a man of the same age, if anything the female retirement age should be a little later than the males'.

vivatifosi

StevieJ wrote: »

May be a good idea to equalise the male and female retirement ages (from 2010) for all those women whom have had a full employment history, I have never understood that one

This is something that many private sector pension schemes did years ago, in the mid-90s IIRC. Why the state is taking so long to catch up is beyond me. Particularly when we can't afford it.

kennyboy66_2

Generali wrote: »

If you stop paying tax credits to so many people you could probably cut tax by £11 or £12 for each tenner that's being paid out.

While this is true, the rationale behind tax credits is to redistribute money to "hard working families" in the New Labour vernacular.

The most probable effect of removing them and reducing the tax system is that

1) Hard working family on £30k loses £30 per week tax credits but gains £15 in reduced tax.

2) Hard working family on £80k loses £0 per week in tax credit but gains £30 in reduced tax.

The whole complexity of the system will be devilishly difficult to unwind without a whole raft of winners & losers.

One little example of how mad the system can be.

You earn £150k and send your 4 year old to private day school. They are born in August and would normally start reception in a state school in the Sept after their 4th birthday. You would receive £1320 in "Nursey vouchers" to put towards your school fees for the first year.

Money_Grabber13579

kennyboy66 wrote: »

While this is true, the rationale behind tax credits is to redistribute money to "hard working families" in the New Labour vernacular.

The most probable effect of removing them and reducing the tax system is that

1) Hard working family on £30k loses £30 per week tax credits but gains £15 in reduced tax.

2) Hard working family on £80k loses £0 per week in tax credit but gains £30 in reduced tax.

The whole complexity of the system will be devilishly difficult to unwind without a whole raft of winners & losers.

One little example of how mad the system can be.

You earn £150k and send your 4 year old to private day school. They are born in August and would normally start reception in a state school in the Sept after their 4th birthday. You would receive £1320 in "Nursey vouchers" to put towards your school fees for the first year.

Meanwhile, lazy family gains an extra £100 (probably) through scamming the system.

Old_Slaphead

StevieJ wrote: »

Wait until the 48-58 year olds wake up and realise that they wil be five grand down just for starters

I have and I do and I'm not happy

Mrs OS is in affected 50-54 age range so between us that's 10k down the toobs.

Almost enough to make me consider voting Labour again!

nickj_2

wageslave wrote: »

Of all the hardships that are inevitably coming, the extra years we are expected to work are the most unfair..

i don't see what the problem is - when my grandfather was in his late 60's he was an old man and died in his early 70's
todays generation do not appear to be elderly until they are in their 80's and many more people are living far longer than 20 -30 years ago
this has to be paid for , the cash ain't going to come out of thin air , especially as gordon see's the pension pot as something he can dip into when he's short of cash .
the only way this can be paid for is either working longer or paying higher tax

carolt

I'm sure when I was younger we were told that computers and automisation of previously dull jobs would mean a bright new future! Working less hours, and less hard!

Can't we all just work 'smarter', rather than longer? As a nation?

Just a thought.