We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
George Osborne MUST now U-Turn 'Granny Tax'!
Comments
-
I have not a clue what half of you are saying, which is very nice as it seems like I am mostly among people who have little sympathy towards Pensioners who are going to be hit hard by this tax FRRREEEZZZ.
Still, whoever decided to provide an ignore button on the Money Saving Expert Forums really does deserve a medal. Nice one chap.
I haven't met many Money Saving Experts in this thread mind!
I have of course just started a Poll in respect of this subject, but I already know that I shall lose. Still, it's a bit of fun is it not?
I will not get depressed over it, so please don't worry about me.
The day George Osborne took the Elderly for fools...
http://www.youtube.com/watch?v=4yDqFvVBNK4
The Tax Gran song...
http://www.youtube.com/watch?v=qMMVe4kfQaEYou've heard the budget speech now you've been told. Make lots of cash then die before you're old 'Cause we're gonna Tax Gran that's what it is We're gonna Tax Gran freeze her allowances. You better hope next winter isn't cold. We're gonna Tax Gran, we're glad she's there.To subsidize the Billionaires. We're gonna Tax Gran and this is wrong!0 -
boozercruiser wrote: »I am mostly among people who have little sympathy towards Pensioners who are going to be hit hard by this tax FRRREEEZZZ.
No, you're mostly among people who actually know what they are talking about.
Oh, and now you've decided to talk about a "tax FRREEEZZZ" - what exactly is it that you thing it being frozen? You seem to find the whole thing very confusing, which makes it hard to place any value to your opinions on the subject.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
boozercruiser wrote: »it seems like I am mostly among people who have little sympathy towards Pensioners who are going to be hit hard by this tax FRRREEEZZZ.
Not nearly as hard as everybody else. What makes you think pensioners should be totally sheltered?
Chart 1: Distributional impact of tax and benefit changes implemented by current government up to and including April 2014, by household type.
0 -
I have a friend who is fortunate enough to benefit from a reduction in the 50% additional rate. I've pointed him towards the opening statement that says he will be getting a £40K tax boost and he is a bit annoyed since he has worked out that he will only get £10K or so extra because he only earns £200K a year.
Since he should be getting a £40K tax boost, where does he apply to HMRC to get the rest of this apparently flat-rate benefit, or does he actually need to increase his earnings to closer to £800K, which might suggest the original figures are made up??0 -
I have a friend who is fortunate enough to benefit from a reduction in the 50% additional rate. I've pointed him towards the opening statement that says he will be getting a £40K tax boost and he is a bit annoyed since he has worked out that he will only get £10K or so extra because he only earns £200K a year
Also, he has been hit because he has had his personal allowance taken away. Something the OP probably wont even know about.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Also, he has been hit because he has had his personal allowance taken away. Something the OP probably wont even know about.
Not only that, but increases to the personal allowance are being countered by reducing the size of the 20% band. The logic is that someone paying 40% tax won't see any difference from the change. Of course, anyone without a personal allowance is hit hard, as is anyone benefiting from income from dividends and capital gains.
Our tax system is too complicated, as are pensions, and it's encouraging to see signs of at least attempts at rationalisation.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
[
QUOTE=gadgetmind;53524649]So, where do you get your information on whether it
was working or not?
I read and form a view!
http://www.guardian.co.uk/society/2012/apr/10/osborne-tax-cut-rich-poorNeeded to do what? Drive all the entrepreneurs, the ones who start vital
businesses and *already* pay the bulk of income tax, from our shores? No, it
wasn't in place for long enough to do any lasting damage, but it still did
damage.
I'm guessing you don't know many entrepreneurs, nor understand their
motivations. It's not usually as much about money as many think.
You want it both ways...on the one hand you are saying that high tax rates drive entrepreneurs away and on the other you say they are not driven by money?
I've read the research discussing the psychopathology of such individuals. Money is not always the goal...but sometimes money is the means by which they express their ego/characteristics...selfish, impulsive, egotistic, pathologically ambitious, improvised risk-taking etc etc..!
The main point is though it is ridiculous to develop economic strategies or policies to encourage such individuals. They are in reality thin on the ground. They are the exception rather than the rule but are held up as examples of energy and industry for us to follow. The reality is actually very different. For every success there are always a multitude of failures that you never hear about. Nothing wrong with aspiration/success/achievement etc........but 90% of us don't live in that world/get the breaks.0 -
Not nearly as hard as everybody else. What makes you think pensioners should be totally sheltered?
Chart 1: Distributional impact of tax and benefit changes implemented by current government up to and including April 2014, by household type.
Looks like pensioners are still getting the best treatment.Also, he has been hit because he has had his personal allowance taken away. Something the OP probably wont even know about.
Very true. The OP appears very self-centred.gadgetmind wrote: »Not only that, but increases to the personal allowance are being countered by reducing the size of the 20% band. The logic is that someone paying 40% tax won't see any difference from the change. Of course, anyone without a personal allowance is hit hard, as is anyone benefiting from income from dividends and capital gains.
Of course from 2013, there will be more dragged into the 40% rate when the threshold drops to £41,450 from £42,475.
Agreed.Our tax system is too complicated, as are pensions, and it's encouraging to see signs of at least attempts at rationalisation.0 -
margaretclare wrote: »DH and I are both pensioners and we both pay tax. I think the comparison with 1925 is waaaay off-beam. Life has changed out of all recognition since then, if you read a little history. It has changed in terms of lifestyles, of expectations, of educational level, of the - ahem - class system. A pensioner who had enough income to pay tax in 1925 would have been employing a servant who got paid a pittance and was grateful for that pittance and for a roof and food. One of my ancestors, no doubt!
Patanne, you say you feel that way because you're not a Granny. Well, I am a granny, and DH is a grandad. My grandchildren are struggling and I'm delighted that the personal allowance level will rise because that will help them. DH's grandchildren are still at school so it doesn't affect them - yet. His son is a higher rate taxpayer and seems to spend half his life travelling. We need more entrepreneurs and higher-rate taxpayers, not fewer!
Young people that are struggling are not making enough effort to get on in life with all the advantages they have today unlike pensions of today they did not have the benefit of good education and good health programs as well as the internet with all that free information available to them.
Women pensioners had a very difficult like with lots of physical work and also were hoodwinked by the government as they told them that they did not need to pay a higher rate of tax as their husband's NI would be sufficient and now when it is too late women have to put up with very little pension in UK compared to pensioners in the EU.
Personal allowance should rise as well as it should rise for pensioners that are on the breadline but there again that does not matter as we are not productive and that is all that counts at the end of the day, we are expendable despite how much we had to work to make ends meet during our life time. I know who I will be voting at the next election and it will be the MILLIONAIRES.
We do need more entrepreneurs but ones that pay their full taxes not tax avoidance that the Government has been going on about and yet we still see it happening in big companies.0 -
I read and form a view!
http://www.guardian.co.uk/society/2012/apr/10/osborne-tax-cut-rich-poor
Ah yes, our left-wing media. What a great source of solid facts.You want it both ways...on the one hand you are saying that high tax rates drive entrepreneurs away and on the other you say they are not driven by money?
IMO they are driven to succeed more by wanting to create something they can be proud of. Punitive taxation backs the message that the UK media (and sadly some people) exude, which is that hard work and success should be punished. IME you don't tend to see this in most other countries.Nothing wrong with aspiration/success/achievement etc........but 90% of us don't live in that world/get the breaks.
If you're sitting around waiting for a break, then it's pretty certain that you're not an entrepreneur. Sorry to be the bearer of bad news.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245K Work, Benefits & Business
- 600.6K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards