Pre Budget: Tax rises for millions

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Plans have been announced for increased National Insurance contributions and higher taxes for larger earners ..."

Read the full story:
Pre Budget: Tax rises for millions

Premier_2

Meanwhile, more people will pay higher rate tax in 2012/13 because the earning limit above which you pay 40% rather than 20% duty will be frozen then. This limit usually rises every year in line with earnings.

Have earnings risen this year? I know they rose 2% in the year to April 2009 (down from 4.5% in the previous year)

Apart from bankers, I keep reading that many are suffering pay freezes or even pay cuts this year.

Perhaps the tax threshold should therefore have been lowered this year in line with earnngs, and maintaining it where it is is effectively a tax cut? (that depends on the answer to my first question)

kippermanbike

Fanbloodytastic!!! So from 2011 I will have to pay anothother 2% tax ontop of my basic rate just to cover NI!! I sometimes wonder what Im paying NI for anyway, I have BUPA, which Im taxed on. Why do we not just become a communist state? Lets all hand over everything to the government, all earn £100 a week no matter what we do and let that be an end to it!.. I know what I would want to do... Become a full time dole sucking scum bag... Lol, oh well, back to work I go!!

Mikeyorks

Ah ...... but Bingo duty has been dropped from 22% to 20%. Pleased to see the Chancellor focusing on the main issues!